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Banking giant BBVA launches bitcoin trading services in Switzerland

Source: https://bit.ly/35zi6RN

The Swiss arm of BBVA, one of the world’s banking and financial services giants headquartered in Spain, has launched bitcoin trading and custody services for its private clients.

According to the company’s official announcement , diving into the cryptocurrency ecosystem required six months of testing in which the bank tested demand and interest in the cryptocurrency class among its clients.

The new service includes bitcoin trading and custody services, starting with bitcoin only, and the services will be expanded to other cryptocurrencies in the near future.

The service is currently only available to customers in Switzerland, as the bank noted that the country’s crypto regulations are well defined.

Alfonso Gómez, CEO of BBVA Switzerland, said:

This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, enhance security and, above all, discover that there is a great appetite among investors in cryptocurrencies or digital assets as a way to diversify their portfolios, despite their volatility and high risk profile.

Why is BBVA so big?

The BBVA Bitcoin exchange and custody service is seen as an integrated product, which is indicated by integrating the Bitcoin management system into the bank application.

This integration will allow the bank’s clients to keep track of their investments in crypto, along with other wallets they keep with the bank.

Among other things, the integration offers clients a huge advantage in terms of simplicity when it comes to trading, account statements, tax returns, and more.

BBVA’s bitcoin trading and custody service, set to officially roll out on June 21, outlines the fusion between premium banking and cryptocurrency productivity.

Mr. Gomez said:

Over the coming months, we will continue to enhance and expand our cryptocurrency offering.

BBVA positions itself as a reference institution in the adoption of blockchain technology.

Over the coming months, we will continue to enhance and expand our cryptocurrency offering.

The service will be accompanied by a real-time conversion of cryptocurrencies to Euros or any other existing currency, and vice versa around the clock.

Besides BBVA, there are many major banking entities that have already entered the cryptocurrency world, especially with the increased interest and demand among customers.

In May, Goldman Sachs and Citibank announced that they were preparing their cryptocurrency-related services.

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