Spanish Bank BBVA to Facilitate Bitcoin Trading & Custodial Service for Swiss Customers
In Switzerland, Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, will provide Bitcoin (BTC) trading and custody facilities. BBVA Switzerland said on Friday that from June 21, all private banking customers willing to participate in crypto assets will be able to trade Bitcoin.
This first cryptocurrency trading facility is exclusively for Bitcoin, but the bank says it wants to expand to other cryptocurrencies in the future. BBVA, on the other hand, has said that its crypto trading desk would not offer cryptocurrency investment consulting facilities.
BBVA Switzerland announced that the Bitcoin trading facility would be available to private banking customers as component of the bank’s asset investing catalog. Customers will be able to see how their BTC investments are performing alongside other portfolios.
Customers will benefit from this in-app connection, as per the announcement, in terms of simplified information for statement of accounts and tax filing reasons, among many other things. Customers would be able to toggle between Bitcoin and fiat currencies instantly, according to BBVA Switzerland, to avoid losses caused by market fluctuation.
The initiative, according to BBVA Switzerland CEO Alfonso Gómez, symbolizes a fusion of excellent banking services and crypto asset developments. BBVA establishes itself as a model organization in the use of blockchain technology with this unique proposition, according to the CEO.
BBVA cited the region’s crypto-friendly regulations as a significant deciding factor in its choice to launch the service in Switzerland initially. Some Swiss banks have already launched cryptocurrency trading facilities to customers. Bordier & Cie, a 170-year-old Swiss bank, collaborated with digital bank Sygnum in February to facilitate trading of Bitcoin, Ether (ETH), and Bitcoin Cash (BCH), among many other assets.
UBS, a Swiss banking behemoth, has revealed intentions to provide several of its wealthiest clients’ modest access to cryptocurrencies. Officials in the nation finalized a complete set of legislation regarding crypto and blockchain in September 2020. The first stage of the revamped legislative framework went into force in early February, with the second stage scheduled to be implemented in the summer.