Spanish bank BBVA has announced that it will offer its cryptocurrency trading and custody service to private banking customers in Switzerland from June 21.
The new service will begin offering trading services to Swiss customers after the end of the six-month testing phase with a select group of users, BBVA said in a statement on June 18. However, in the statement made by the business, it states that it would not make any recommendations for such investments. The bank reportedly plans to add other cryptocurrencies to this new service, in addition to the Bitcoin service.
This service is very important. As it allows traditional and digital financial assets to be in the same investment portfolio and to combine with each other. It reports that this integration will also offer a great advantage in terms of convenience in transactions such as trade, account statements and tax returns.
BBVA cites clear regulations and widespread adoption of digital assets in the region. As the reason the service is only available to customers in Switzerland. It stated that the application of this service to new countries or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation.
Alfonso Gómez, CEO of BBVA Switzerland, said in a statement on the subject that this is only the first step in a world. He believes it will have a huge impact on all financial services.
Banco Bilbao Vizcaya Argentaria, S.A. is a bank headquarter in Spain. The bank was first established in 1857 as Banco Bilbao Vizcaya and merged with Argentaria in 1999 to take its current name. Headquartered in Bilbao, it is the second-largest bank in Spain.