Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland.
Spain’s BBVA said on Friday it was launching a Bitcoin trading service for private banking clients in Switzerland.
One of Spain’s largest banks, Banco Bilbao Vizcaya Argentaria (BBVA), with assets worth $856 billion, launched a service for trading and storing cryptocurrencies in Switzerland. According to a recent press release, the service will become available to BBVA’s private banking clients after six months of testing. Since the launch, users will be able to store and make transactions with BTC. The list of supported assets to be expanded later.
“The gradual rollout allowed BBVA Switzerland to test the service and improve its security. [The bank] has found that there is significant demand among investors for crypto assets or digital assets as a tool to diversify portfolios, despite their volatility.”
According to BBVA, the new service will allow clients to combine traditional and digital financial assets in their portfolios. This is possible thanks to the integration of a cryptocurrency management system into the banking application.
The credit institution decided to launch the service in Switzerland because of the country’s “clearly regulated ecosystem and widespread use of digital assets.” Its expansion into new markets will depend on whether they meet the necessary conditions of maturity, demand, and oversight.
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