Binance, one of the world’s largest cryptocurrency exchanges, announced the launch of a new initiative that allows new users to use their aggregated volume of traditional assets or crypto from external trading venues to qualify for its VIP Invitation Program
On Feb. 28, the exchange revealed its expanded VIP program initiative, calling it the “first of its kind” offered by a major cryptocurrency exchange that caters to high-volume traditional asset traders.
The incentive allows new users of the platform with a 30-day aggregate spot or futures trading volume in cryptocurrencies and/or traditional assets, which is equal to trading volume requirements already existing in the Binance VIP Program, to participate.
According to the statement, these users will be “instantly upgraded” to one VIP level higher on the exchange for two months.
Catherine Chen, the head of Binance VIP and Institutional, commented that the evolution of crypto mainstream acceptance has played a big role in expanding user opportunities.
“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 said the exchange aims to help “high-volume users of traditional assets platforms reduce their entry barriers to cryptocurrencies.”
Cointelegraph reached out to Binance for additional information.
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This is one of many initiatives from Binance that reaches out to a niche set of traders, to attract a broader user base. Last November Binance completed a tri-party banking agreement, which enabled institutional investors to hold their trading collateral in fiat with a third-party banking partner.
Since mid-2022, Binance has been operating an institutional branch, for users such as asset managers, brokers, hedge funds, family offices, liquidity providers and proprietary trading firms.
Fast forward to February, the cryptocurrency exchange Kraken launched an institutional-focused arm of its platform following the hype of the approval of Bitcoin spot ETFs in the United States.
The Bitcoin ETF approval marked a landmark moment for bridging traditional finance and decentralized finance. In just under two months post-approval, Bitcoin (BTC) hit the $60,000 mark for the first time in over two years.
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