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Spain's BBVA Opening Bitcoin Trading Service to Private Banking Clients in Switzerland
BBVA said the service will be available only to clients in Switzerland because of the country's clear regulations and the widespread adoption of digital assets.
Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland on Monday.
STORY CONTINUES BELOW
- BBVA said Friday that after six months of testing the service with a selected group of users, it is now making trading available to BBVA Switzerland clients. The entity will not be offering advice on these types of investments, however.
- This includes bitcoin trading and custody services with the aim of extending the services to other cryptocurrencies, the bank said.
- BBVA said the service will be available only to clients in Switzerland because of the country's clear regulations and the widespread adoption of digital assets.
- As reported by CoinDesk in December, BBVA sees Switzerland as having relatively comprehensive rules around digital assets, set out by the country’s Financial Market Supervisory Authority (FINMA).
- Alfonso Gómez, CEO of BBVA Switzerland, said this is just a first step in a world that he believes will have a major impact on all financial services.
Read more: Spain’s Second-Largest Bank Will Soon Launch Crypto Services: Sources
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
