Binance and Spanish bank BBVA have announced a new partnership that allows clients to trade on the exchange and store their assets in bank vaults.
Binance and BBVA Partnership
Binance and Spanish bank BBVA have reportedly signed an agreement allowing clients to trade on the Binance platform and store their assets at the bank. Although official comments from both sides are absent, this initiative follows the presentation of Binance’s 'Banking Triparty' custody solution.
Conditions for Asset Storage and Usage
Under the agreement, client funds will be held in U.S. Treasuries. Binance will accept treasury bills as margin for trades. It is also reported that the partnership is structured to avoid a situation similar to FTX in 2022.
BBVA's Crypto Services for Clients
BBVA actively advises its clients on investing in cryptocurrencies. According to Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, clients can allocate 3-7% of their portfolios to crypto investments depending on their risk appetite. Gonzalo Rodriguez, head of retail banking at BBVA in Spain, also stated that the bank aims to make it easier for retail investors to access digital assets through mobile solutions.
The partnership between Binance and BBVA opens new avenues for traders and investors looking to engage with cryptocurrencies, providing secure custody and trading access.
