Spain’s second-largest bank, BBVA, is opening up its bitcoin trading and custody service to all private banking clients in Switzerland in a few days. The bank has been testing the cryptocurrency service for six months. “The bitcoin management system is fully integrated” in the bank’s app, “where its performance can be viewed alongside that of the rest of the customers’ assets, funds, or investments.”
BBVA’s Fully Integrated Bitcoin Service
Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) announced Friday that BBVA Switzerland will open a bitcoin trading and custody service to all private banking clients on June 21.
The bank has been testing this new cryptocurrency service with a selected group of clients for six months. BBVA explained:
For the time being, BBVA Switzerland’s offer includes bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies. The entity will not offer advice on these types of investments.
BBVA explained that the new cryptocurrency service is only available in Switzerland for the time being because the country has “clear regulation and widespread adoption” of crypto assets.
Founded in 1857, BBVA “has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America,” its website details.
At the end of March, the group had 719.7 billion euros in total assets, 79.8 million customers in more than 25 countries, 122,021 employees, 7,254 branches, and 30,747 ATMs. BBVA is Spain’s second-largest bank after Banco Santander. Its presence in Switzerland is through a 100% group-owned franchise.
The bank’s announcement details:
One of the most important attractions of BBVA Switzerland’s offer is that the bitcoin management system is fully integrated in its app, where its performance can be viewed alongside that of the rest of the customers’ assets, funds or investments.
This service “allows investing and combining traditional and digital financial assets in the same investment portfolio,” the bank noted, adding that it helps clients “in terms of simplicity when it comes to trading, account statements, tax returns, etc.”
BBVA further stated that “Through the customer’s personalized digital wallet, bitcoins can be converted into euros or any other current currency, and vice versa, automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers.”
Alfonso Gómez, CEO of BBVA Switzerland, commented: “We are bringing the quality of banking service to the fledgling world of crypto assets. With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology.” He revealed:
Over the coming months, we will continue to enhance and expand the digital asset offering.
What do you think about BBVA’s bitcoin service? Let us know in the comments section below.