BBVA to hold Binance client funds in US Treasuries - Breaking The News
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BBVA to hold Binance client funds in US Treasuries

Business
Christian Baha / NL

1 min read

EPA/LUIS TEJIDO

Binance Holdings Ltd. is partnering with Banco Bilbao Vizcaya Argentaria SA (BBVA) to let customers store their assets off the crypto exchange, the Financial Times reported, citing two people familiar with the arrangement.

BBVA, Spain's third-largest bank, will act as an independent custodian, holding traders' money in US Treasuries that Binance accepts as margin for trades.

The news comes shortly after BBVA launched bitcoin and ether services via its app and advised private banking clients to allocate up to 7% of their portfolios to digital assets.

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