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Binance launches expanded VIP program for traditional asset traders

TL;DR

  • Binance now lets traditional traders join its VIP program, boosting crypto access.
  • Kraken jumps in, launching its platform arm for institutional traders.
  • Bitcoin ETF approval sparks a surge, hitting $60,000 for the first time in years.

Binance, one of the leading cryptocurrency exchanges globally, introduces a pioneering initiative to integrate traditional asset traders into its VIP program. This move signifies a significant step towards bridging the gap between cryptocurrency and traditional finance.

In a groundbreaking move, Binance unveiled its latest initiative, extending its VIP program to encompass traditional asset traders. This innovative approach aims to facilitate a seamless transition for high-volume traders from traditional financial markets into cryptocurrencies.

Binance’s new initiative

The initiative, announced on Feb. 28, allows new users to leverage the aggregated trading volume of both traditional assets and cryptocurrencies from external trading venues to qualify for Binance’s VIP Invitation Program. 

This marks the first instance of a major cryptocurrency exchange catering to high-volume traditional asset traders.

Under this incentive, new platform users who meet the 30-day aggregate spot or futures trading volume requirements in cryptocurrencies or traditional assets will receive an instant upgrade to one VIP level higher on the exchange for two months. 

This initiative aims to provide a smoother entry into the cryptocurrency space for traditional asset traders, encouraging broader participation in the crypto market.

Catherine Chen’s insight

Catherine Chen, Head of Binance VIP and Institutional, emphasized the evolving acceptance of cryptocurrencies in mainstream finance as a driving force behind this initiative. She highlighted the recent success of bitcoin spot ETF listings and their subsequent market demand, indicating a narrowing gap between traditional and digital assets. 

Chen reiterated Binance’s commitment to facilitating the transition for high-volume users of traditional asset platforms into the realm of cryptocurrencies.

In response to the growing integration of traditional finance and cryptocurrencies, Kraken, another prominent cryptocurrency exchange, launched an institutional-focused arm of its platform. 

This move comes after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, signaling a pivotal moment in bridging the gap between traditional and decentralized finance.

Spot Bitcoin ETF approval

The approval of spot Bitcoin ETFs marked a significant milestone in the convergence of traditional finance and cryptocurrency markets. Within two months of their approval, Bitcoin surged past the $60,000 mark for the first time in over two years, underscoring the growing mainstream acceptance and adoption of cryptocurrencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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