#BinanceAlphaAlert Financial Times: Binance partners with Spain's BBVA to offer crypto custody

Binance has partnered with BBVA to act as an independent custodian of client funds.

Financial Times: Binance partners with Spain's BBVA to offer crypto custody

News

Binance has partnered with BBVA, one of the largest banks in Spain, to act as an independent custodian of client funds, according to a report published on Friday in the Financial Times citing two people familiar with the agreement.

Reportedly, the move aims to restore confidence in centralized cryptocurrency investment following scandals such as the collapse of FTX and Binance's own regulatory issues.

The FT report states that Binance users can now custody their assets with BBVA, providing greater security backed by bank guarantees. Binance has also partnered with Swiss firms Sygnum and FlowBank to serve as independent custodians.

With the involvement of traditional finance to provide safer and regulated custody solutions, Binance's move may help bridge the gap between institutional investors and the cryptocurrency ecosystem, according to the FT.$BNB