Friday, July 30, 2021

Spanish banking giant BBVA to launch crypto services in Switzerland.

The Takeaway:

The Spanish banking giant BBVA is all set to launch a bitcoin trading and custody service for private clients in Switzerland this month.

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After conducting tests for several months, the Swiss branch of the large Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced plans to release two cryptocurrency-related services. According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other cryptocurrencies starting from Monday – June 21st. Banks and other major financial institutions are warming up to cryptocurrencies. 

 

BBVA will enable its clients to store their digital assets on a regulated platform.

The Spanish banking giant 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 to its clients in Switzerland. The CEO of BBVA Switzerland, Alfonso Gomez, explained that these services come after an extended trial period and enhanced customer demand.

“This gradual roll-out has allowed the bank 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.” Gomez added.

 

BBVA Switzerland will also provide digital wallets. 

The crypto-related 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 personalized digital wallets, which will enable customers to convert BTC and other cryptocurrencies 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.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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