Following extensive testing with users, the Switzerland arm of BBVA will begin offering digital assets to its private banking clients from June 21. For now, it will offer bitcoin trading and custody services, but is looking to branch out into other cryptocurrencies in time.
In the announcement, Alfred Gomez, CEO of BBVA Switzerland said of the testing phase:
“This gradual roll-out has allowed BBVA Switzerland 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,”
The BBVA bitcoin offering is fully integrated inside of its app, and features alongside clients’ other assets and investments. This combination of new and traditional financial assets makes it simple for customers to trade in and out of both, as well as simplifying statements and tax returns.
Through the app, a client can now convert their fiat into Bitcoin and vice versa without suffering the liquidity problems that may be found with independent brokerages. This all due to various partners that BBVA operates with, thereby enabling its clients to make large and multiple orders at the same time, all with the highest market security measures.
“We are bringing the quality of banking service to the fledgling world of crypto assets,” said Gómez. “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology. Over the coming months, we will continue to enhance and expand the digital asset offering,”
For the present time, BBVA is limiting the cryptocurrency rollout to Switzerland alone. This is because Switzerland has clear regulations on crypto, which has already led to adoption of these types of assets in the country.
Further integration of cryptocurrency into the BBVA ecosystem will need to wait until regulations allow, and until the appropriate level of demand is there.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.