Fun

Spain’s Second Largest Bank BBVA Launches Bitcoin Trading and Custody in Switzerland

News Feed - 2020-12-10 10:12:28

Spain"s Second Largest Bank BBVA Launches Bitcoin Trading and Custody in Switzerland


BBVA, the second-largest bank in Spain, has announced the launch of its bitcoin trading and custody service through its Swiss subsidiary. Beginning with bitcoin, BBVA plans to expand its services for other cryptocurrencies. BBVA Rolls Out Bitcoin Trading and Custody Services


BBVA announced on Wednesday that it “has begun to roll out the trials of what will become its first commercial service for the trading and custody of digital assets.”


BBVA (Banco Bilbao Vizcaya Argentaria) is Spain’s second-largest bank after Banco Santander. The group was founded in 1857 and has 727 billion euros in total assets as of the end of September. It has 7,565 branches and almost 80 million customers in over 30 countries.


The bank explained that the new service will be offered through its Swiss subsidiary, BBVA Switzerland, which is “dedicated to international private banking services.” Customers will be able to “manage bitcoin transactions and have deposits in this cryptocurrency,” the bank described, elaborating: Starting in 2021, BBVA will offer its clients a service of trading and custody of digital assets, with all the guarantees of any other banking service, with a transparent system that is very simple to operate.


“Digital assets have enormous potential to transform the way value and information are exchanged through blockchain technology,” commented Alicia Pertusa, Head of Client Solutions Strategy at BBVA. “Financial institutions, in collaboration with supervisors, can play a relevant role in the integration of digital assets in current markets and infrastructures.”


The bank also pointed out that its crypto initiative “comes at a time when several countries are taking important steps toward a new regulation on how these digital asset markets can operate.”



BBVA noted that it will not offer advisory services for cryptocurrencies. It further explained that the crypto service will initially be offered in Switzerland “due to the fact that it is the most advanced European country in terms of regulation and adoption of digital assets, and has a wide array of companies in blockchain technology, which it is very useful to start these services.” The bank additionally clarified: BBVA will initially only manage bitcoin transactions and accounts, as it is the most accepted cryptocurrency, but it plans to expand its offering to include other digital assets.


What do you think about BBVA launching bitcoin services? Let us know in the comments section below. Growing Bitcoin Adoption Hurting Gold Market, Gold Price Will Continue to Weaken, Says JPMorgan NEWS | 29 mins ago Study: Over 13% of All Proceeds of Crimes in Bitcoin Passed Through Privacy Wallets in 2020 NEWS | 5 hours ago Tags in this story BBVA bitcoin, BBVA bitcoin custody, BBVA bitcoin service, BBVA bitcoin trading, BBVA crypto, BBVA cryptocurrency, BBVA digital currency, BBVA spain bitcoin, BBVA switzerland bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Analyst Says PEPE Price Must Break This Resistance Level For 150% Surge Toward ATHs
Este artículo también está disponible en español. The PEPE price is currently trading within a Falling Wedge pattern, a historically bullish indicator that suggests an im
Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600
View Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601. A UTC close above that level and a further rise
Gareth Jenkinson13 hours agoNo concerns over Bitcoin halving supply shock, says Bitvavo CEOThe CEO of Dutch cryptocurrency exchange Bitvavo believes market dynamics will cater to the potential skyrocketing demand for Bit
Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto
Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto According to an executive with the Dubai-based DAMAC Properties, the real estate development “comp
William Suberg12 hours agoBTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K supportBitcoin is at a “critical milestone” as BTC price tackles the $28,000 mark, say the co-founders of Glassnode.2821 To
Telegram Could Postpone Crypto Issuance After US Halts Token Sale
Telegram could delay the original plan of issuing its own cryptocurrency on the Telegram Open Network by Oct. 31 after the U.S. Securities and Exchange Commission (SEC) ordered it to halt the allegedly “unlawful
Ethereum Classic Hashrate Taps All-Time High Nearing 50 TH/s Ahead of The Merge
Ethereum Classic Hashrate Taps All-Time High Nearing 50 TH/s Ahead of The Merge Ethereum Classic’s hashrate surpassed the 40 terahash per second (TH/s) region last Wednesday
Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation
Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit
Sky High Bitcoin and Ethereum Fees: While Prices Jump the Cost to Transfer Follows Suit While a number of digital currencies have seen price gains the two leadin
Bitcoin ETFs Hit $40 Billion Inflows, Setting Historic Crypto Record
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Blackstone6 hours agoBase’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in AugustThe “Onchain Summer” promotion drove activity to the new network, with hundreds of thousands of users minting
Telegram and Helika Gaming unveil $50M gaming accelerator with Notcoin
Josh O"Sullivan12 hours agoTelegram and Helika Gaming unveil $50M gaming accelerator with NotcoinThe accelerator program aims to foster innovation among game developers, leveraging the TON blockchain to enhance Telegram