The world's largest cryptocurrency exchange, Binance, has announced a partnership with Spanish bank BBVA, which will now provide asset custody services.
Collaboration Between Binance and BBVA
According to the Financial Times, Binance has chosen BBVA as its custody provider, which aims to alleviate investor concerns about the security of crypto assets. This collaboration will allow Binance customers to keep their assets in the bank rather than on the exchange.
Change in Asset Storage Approach
Previously, Binance required clients to store their assets exclusively on the Binance platform or through its subsidiary Ceffu. However, early last year, Binance began allowing certain large clients to use alternative storage options such as Swiss banks Sygnum and FlowBank.
BBVA's Expansion into the Crypto Market
BBVA continues to expand its services in cryptocurrency to meet the growing demand from clients. Last month, the bank announced the launch of trading and custody services for Bitcoin (BTC) and Ethereum (ETH) for Spanish clients directly through the bank's mobile app.
The partnership between Binance and BBVA highlights the increasing interest of traditional banks in cryptocurrencies. This step may serve as an important signal for investors regarding changes in the financial sector.
