After a history of questionable trading practices, mega crypto exchange Binance is teaming up with Spain’s BBVA to let traders park their assets with the bank — a major shift for the digital asset world.

Binance teams up with BBVA for secure crypto custody. This partnership aims to build trust and lower trading risks.

Binance and Banco Bilbao Vizcaya Argentaria (BBVA) have allegedly partnered to allow clients hold digital assets off the crypto exchange.

The Spanish bank is working as one of only a small number of independent custodians for the world's biggest crypto exchange, the report added, citing two people familiar with the matter. BBVA did not immediately respond to a Reuters' request for comment while Binance could not immediately be reached.

Binance and BBVA partner to offer off-exchange asset custody, allowing client funds to be held securely as binance bbva custody service.

Binance has teamed up with Spain’s BBVA to let customers store their assets off the exchange, a move aimed at boosting investor confidence.

Spain’s third-largest bank, to its roster of independent custodians in a bid to safeguard customer funds and reduce counterparty risks. According to a report by the Financial Times, the arrangement will see traders’ collateral stored with BBVA in US Treasuries,