BBVA, Spain’s second largest bank, has announced the launch of its Bitcoin trading and custody services through its Swiss subsidiary. Starting with Bitcoin, BBVA plans to expand its services to other cryptocurrencies.
BBVA launches Bitcoin trading and custody services
BBVA announced on Wednesday that “it has started a trial which will be the first commercial service for digital asset trading and custody.”
BBVA (Banco Bilbao Vizcaya Argentaria) is Spain’s second largest bank, second only to Santander. The group was founded in 1857, as of the end of September, total assets of 727 billion euros. It has 7,565 branches and nearly 80 million customers in more than 30 countries.
The bank explained that this new service will be provided through its Swiss subsidiary BBVA Switzerland, which is “committed to international private banking services”. The bank described that customers will be able to “manage bitcoin transactions and deposit funds in the cryptocurrency” and elaborated:
Starting in 2021, BBVA will provide its customers with digital asset trading and custody services, and provide all guarantees for any other banking services. Its transparent system is very simple to operate.
Alicia Pertusa, Head of Customer Solutions Strategy at BBVA, said: “Digital assets have huge potential to change the way that value and information are exchanged through blockchain technology.” “Financial institutions and regulators can cooperate in the current market and infrastructure. Play an important role in integrating digital assets.”
The bank also noted that its cryptocurrency initiative “was introduced at a time when several countries have taken important steps regarding new regulations on how these digital asset markets work.”
BBVA pointed out that it will not provide consulting services on cryptocurrencies. It further explained that since it is the most advanced country in Europe in terms of the regulation and adoption of digital assets, and has many companies in the field of blockchain technology, it will first provide encryption services in Switzerland. Starting these services is very useful. The bank also clarified:
BBVA will initially only manage bitcoin transactions and accounts because it is the most accepted cryptocurrency, but it plans to expand its services to other digital assets.
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