Just-In: Spain’s Banking Giant BBVA Launches Bitcoin Trading Service in Switzerland

The Switzerland arm of BBVA, a Spanish banking giant has launched Bitcoin trading and custody services for its private clients. According to the company’s official announcement, the dive into the cryptocurrency ecosystem was preceded by six months of testing in which the bank certified the demand, and interest in the growing asset class amongst its clients.

The new service only involves Bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies in the near future. The service is only currently available to clients in Switzerland, as the bank noted the crypto regulations in the country are well defined.

“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,” explains Alfonso Gómez, CEO of BBVA Switzerland.

Why It Is A Big Announcement?

The soon-to-be-launched BBVA Bitcoin trading and custody service is seen as a full-fledged product, indicated by the integration of the Bitcoin Management System into the bank’s app. This integration will permit its customers to keep track of their crypto investment, alongside other portfolios they maintain with the bank. Among other things, the integration provides the clients with a great advantage in terms of simplicity when it comes to trading, account statements, and tax returns amongst others.

The BBVA Bitcoin trading and custody service, slated to be floated officially on  June 21 outlines the fusion between superior banking services and the productivity of cryptocurrencies. 

“We are bringing the quality of banking service to the fledgling world of crypto assets,” said Gómez, “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology. Over the coming months, we will continue to enhance and expand the digital asset offering.”

The service will be accompanied by the real-time conversion of digital assets into euros or any other current currency, and vice versa round the clock.

Besides BBVA, major banking entities have been making their entry into the world of crypto as demand amongst clients surges. Coingape reported back in May that Goldman Sachs and Citibank were warming up to their crypto-related services. However, not all banks are bullish on Bitcoin and altcoins yet, as Deutsche Bank considers investments in the crypto ecosystem as wishful thinking.