BBVA Reaffirms Roll Out of Crypt Trading, Custodial Facility in January 2021

BBVA, popular Spanish banking group, affirmed that it has started piloting of crypto trading and also custodial service via BBVA Switzerland.

The company’s associate firm in Switzerland provides global private banking facilities, which implies the service will focus on licensed investors. While rolling out in 2021, it will provide Bitcoin only, with intention to offer other crypto assets after some time.

Alicia Pertusa, Chief of Client Solutions Strategy at BBVA, said

“Digital assets have enormous potential to transform the way value and information are exchanged through blockchain technology. Financial institutions, in collaboration with supervisors, can play a relevant role in the integration of digital assets in current markets and infrastructures.”

The announcement points out that it primarily aims at serving investors who have adequate knowledge about cryptos but possess cryptos only via startups. BBVA has listed several benefits. Specifically, the advantages encompass “all the guarantees of any other banking service.”

Particularly, it points to Bitcoins held as “deposits.” Additionally, it will pave way for customers to possess a sole portfolio that merges conventional investments with cryptos.

BBVA selected Switzerland as it offers friendly regulatory environment, impressive crypto adoption rates and hosts a range of blockchain enterprises. Contrary to certain organizations, currently, BBVA only mentions about cryptos. However, BBVA is a pioneer in piloting tokenization of bonds and even issuance of debt via blockchain.

There were several key announcements made by institutions regarding crypto assets and cryptocurrencies last week. During the past few days, SIX and Japan’s SBI revealed a Singapore head-quartered cryptocurrency partnership.

Standard Chartered and Northern Trust affirmed that they have set up Zodia, a partnership firm in the UK for cryptocurrency custody. Likewise, DBS Bank has rolled out DBS Digital Exchange, which will facilitate tokenization, custody and crypto trading. Interestingly, DBX Digital Exchange has received investment from SGX stock market.