Madrid-based financial services giant BBVA, one of the world’s largest financial institutions, will soon offer bitcoin trading and custody services through its Swiss subsidiary.
“After six months of testing with a select group of users, BBVA Swiss has made its first crypto-asset trading and custody service available to all of its private banking clients,” according to Advertising From the Swiss office of the bank.
The service will be limited to Switzerland and is scheduled to go live on June 21 for private banking customers. The bitcoin management system will be integrated into the BBV Switzerland app, where performance can be viewed alongside other investments.
The announcement indicated that BBVA Swiss hopes to offer more cryptocurrencies in the future. It was not clear how customers could send their bitcoins to the wallets they controlled, or if that was possible at all.
“With a client’s personal digital wallet, bitcoins can be converted into euros or any other existing currency, and vice versa, automatically, without delay and without liquidity affecting other digital wallets or independent brokers,” the announcement claimed, without referring to specific brokers facing issues. demanded liquidity. “All of this is possible thanks to the fact that BBVA works with multiple sources of cryptocurrency exchange, which allows it to guarantee investment 24 hours a day, manage orders of any size and process multiple orders simultaneously.”
BBVA cited the Swiss ecosystem, with clear regulation and relatively widespread adoption of digital assets, as the best place to test this new offering. But it seems hopeful that it will be able to expand Bitcoin services in the near future.
“With this innovative offering, BBVA is positioning itself as a reference institution in the adoption of blockchain technology,” said Alfonso Gomez, CEO of BBVA Switzerland, in the announcement. “Over the coming months, we will continue to enhance and expand our digital asset offering.”