Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland
18 Jun, 2021•2 min read•Bitcoin
After conducting tests for several months, the Swiss branch of the large Spanish bank – Banco Bilbao Vizcaya Argentaria (BBCA) – has announced plans to release two services related to the cryptocurrency industry.
According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other digital assets starting from Monday – June 21st. BBVA’s second service will enable its clients to store their digital assets on a regulated platform, and both initiatives will launch simultaneously. Nevertheless, the entity has no plans to offer advice or actively manage any funds related to cryptocurrency investments. Alfonso Gomez, CEO of BBVA Switzerland, explained that these services come after an extended trial period and enhanced customer demand. “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security, and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.” – he added. The services and a bitcoin management system will also be available in the bank’s mobile application. Users will be able to use to review their investments and track their performance. The bank will provide a personalized digital wallet, which will enable customers to convert BTC and other digital assets to euros or other fiat currencies, and vice versa. The process will be automatic, “without delays and without the illiquidity that affects other digital wallets or independent brokers.”