The next big bank is going on an adaptation course. Until now, however, only investors from Switzerland have benefited.
The Swiss arm of Banco Bilbao Vizcaya Argentaria (BBVA) has a Bitcoin trading service for all federal private customers started, according to a press release from the group. The major Spanish bank is planning to include other crypto currencies in the program in the future.
The new service will be available from June 21st. Customers also have the option of using storage services for their Bitcoin. However, the bank does not offer financial advice on crypto investments. The introduction of the trading service was preceded by a six-month test phase. According to the BBVA CEO Alfonso Gómez, it was found “that there is a significant interest in crypto assets or digital assets among investors.”
Switzerland at the forefront of Bitcoin adaptation?
The bank justified the fact that the Bitcoin service is initially only available in Switzerland with the progressive crypto ecosystem of the Alpine country. Accordingly, one reserves the right to expand the offer to other countries. However, this depends on the respective market situation and regulatory environment.
BBVA also advertises its trading offering with the benefits of its in-house banking app. According to this, customers can convert Bitcoin into euros in real time and manage their crypto currencies together with conventional assets. Alfonso Gómez spoke of bringing the “quality of banking services to the still young world of crypto assets”. He also said:
With this innovative offer, BBVA is positioning itself as a benchmark institution for the introduction of blockchain technology. In the coming months we will continue to improve and expand the range of digital assets.
The banks Bordier & Cie and Sygnum have been cooperating in Switzerland for a comparable trading offer since February. In addition to Bitcoin, other assets such as Ethereum and Tezos can also be traded there. The major Swiss bank UBS is also considering entering the crypto business.