- Binance launched a VIP initiative allowing high-volume traditional finance traders to qualify for VIP status based on external platform trading volume, bridging crypto and traditional finance
- The initiative instantly upgrades eligible traders to higher VIP levels on Binance for two months, reaching out to niche traditional finance traders
- The initiative builds on other recent efforts to bridge traditional finance and crypto, like Binance enabling institutional fiat collateral, operating an institutional arm, and Kraken launching an institutional platform after Bitcoin spot ETFs
Binance, one of the world’s largest cryptocurrency exchanges, has announced a new initiative to allow high-volume traders from traditional finance to access its VIP program. This aims to help bridge the gap between traditional and digital assets as cryptocurrencies continue to gain mainstream acceptance.
Details of the New VIP Initiative
According to PR News Wire, he initiative allows new users to qualify for VIP status based on their aggregated trading volume in either crypto or traditional assets on external platforms. Those who meet the volume requirements will be instantly upgraded to a higher VIP level on Binance for two months.
Catherine Chen, Head of Binance VIP and Institutional, announced the successful launch of Bitcoin spot ETFs shows clear demand for crypto from traditional finance, and any gap between the two is closing. The program reaches out to niche traders from traditional finance to attract a broader user base to crypto.
Recent Efforts to Bridge Traditional Finance and Crypto
This VIP initiative is one of many recent efforts to connect traditional finance and crypto:
- In November 2022, Binance enabled institutional investors to hold fiat collateral with a banking partner
- It operates an institutional arm for professional traders and firms
- Kraken recently launched an institutional platform after Bitcoin spot ETFs were approved in the US
- The ETF approvals marked a landmark for bridging traditional finance and DeFi
As cryptocurrencies become more mainstream, exchanges like Binance are extending their services to high-value traders from traditional finance. This helps introduce more institutional players to crypto and connects the two financial spheres.
