March 27, 2024
Latest Cryptocurrency News

Binance Launches Innovative VIP Program to Attract High-Volume Traders

In a groundbreaking move, Binance, a global cryptocurrency exchange giant, has introduced a pioneering initiative to integrate traditional and crypto assets into its VIP Invitation Program. This innovative step, revealed on February 28, marks the first-of-its-kind approach among major cryptocurrency exchanges, specifically targeting high-volume traditional asset traders.

The new incentive allows fresh entrants to the platform to leverage a 30-day aggregate spot or futures trading volume in cryptocurrencies and/or traditional assets. This volume must be equivalent to the existing trading volume requirements in Binance’s VIP Program. Those meeting the criteria will enjoy an instant upgrade to a VIP level higher than their original status on the exchange, lasting for a duration of two months.

Catherine Chen, Head of Binance VIP and Institutional, emphasized the role of crypto’s mainstream acceptance in creating new opportunities for users. She noted, “The successful listing of bitcoin spot ETFs and their inflows not only demonstrates that there is clear market demand for cryptocurrencies, it also shows any gap between traditional and digital assets is closing.” Chen highlighted the exchange’s commitment to assisting high-volume users of traditional asset platforms in overcoming entry barriers to cryptocurrencies.

This initiative is part of Binance’s broader strategy to diversify its user base. Last November, Binance entered into a tri-party banking agreement, enabling institutional investors to secure their trading collateral in fiat through a third-party banking partner. Since mid-2022, the exchange has been running an institutional branch, catering to asset managers, brokers, hedge funds, family offices, liquidity providers, and proprietary trading firms.

In the evolving landscape, Binance’s move comes amidst similar industry developments. Kraken, a cryptocurrency exchange, recently launched an institutional-focused arm following the approval of Bitcoin spot ETFs in the United States. The approval of Bitcoin ETFs is seen as a pivotal moment in bridging traditional finance and decentralized finance, with Bitcoin surging to the $60,000 mark within two months post-approval. Binance’s latest initiative aligns with the industry’s trend towards inclusivity and the convergence of traditional and digital finance.

Image by starline on Freepik

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