Banking giant BBVA debuts Bitcoin trading and custody for Swiss clients

Published at: June 18, 2021

Banco Bilbao Vizcaya Argentaria (BBVA) — Spain’s second-largest bank — is set to offer Bitcoin (BTC) trading and custody services in Switzerland.

According to a release issued on Friday, BBVA Switzerland will begin Bitcoin trading for all private banking clients interested in crypto assets from June 21.

This initial crypto trading service isonly for Bitcoin but the bank says it has plans to extend its offering to other cryptocurrencies. However, BBVA says its crypto trading desk will not include any digital asset investment advisory services.

As part of the announcement, BBVA Switzerland revealed that the Bitcoin trading service will form part of the bank’s asset investment catalog for private banking clients. Thus, customers will be able to view the performance of their BTC positions alongside the rest of their portfolios.

According to the statement, this in-app integration will offer simplicity for customers in terms of streamlined data for statement of accounts and tax filing purposes among others. BBVA Switzerland also stated that customers will be able to convert between Bitcoin and fiat currencies automatically to prevent losses due to price volatility.

For BBVA Switzerland CEO Alfonso Gómez, the move represents a melding of quality banking services and innovations in the crypto asset space. “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology,” the CEO said.

Regarding its decision to first introduce the product in Switzerland, BBVA highlighted the country’s crypto-friendly policies as a major determining factor.

Related: Swiss banking giant UBS to reportedly offer rich clients crypto investments

Indeed, some Swiss banks have previously announced crypto trading services for their clients. Back in February, Bordier & Cie, a 170-year-old Swiss financial institution partnered with digital bank Sygnum to offer cryptocurrency trading for assets like Bitcoin, Ether (ETH), and Bitcoin Cash (BCH) among others.

As previously reported by Cointelegraph, Swiss banking giant UBS announced plans to offer limited exposure to crypto investment for some of its wealthy clients.

Back in September 2020, authorities in the country formalized a comprehensive set of laws for crypto and blockchain. Phase one of the new legal framework came into effect at the start of February with part two expected to follow in the summer.

Tags
Adoption
Bitcoin
Business
Investments
Banks
Switzerland
Bbva
Related Posts
Global private bank LGT opens Bitcoin and Ether trading
LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein. Managing over $292 billion of assets, LGT Bank has debuted digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday. “LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,” Seba Bank’s chief marketing officer Sandra …
Adoption / May 4, 2022
The long game: Institutional interest in crypto is just getting started
The old adage “The crypto market is not for the faint-hearted” was put on full display recently when the total market capitalization of the industry dipped to a relative low of $1.75 trillion on Sept. 20, only to make a strong comeback. Despite all of these fluctuations, however, demand from institutional investors remains strong, with reports suggesting that big-money players continued to recently “buy the dip,” especially on the heels of China’s most recent blanket ban that saw bears take control of the market, albeit briefly. To further elaborate on the matter, a recent CoinShares report revealed that over the …
Adoption / Oct. 5, 2021
Vontobel's wealthy clients are interested in crypto, says CEO
Zeno Staub, CEO of Swiss private banking and investment management giant Vontobel, has revealed that some of the company’s wealthy clients have crypto exposure. Speaking to Bloomberg on Tuesday, Staub stated that Vontobel's clients have an interest in cryptocurrencies. According to Staub, blockchain technology will have a profound impact on global finance. As part of the interview, the Vontobel CEO described the novel tech as the “Logic consequence of the general trend securitization because it is the only available technology that can create trust without a central counterparty.” Commenting on the bank’s crypto offerings for wealthy clients, Staub stated: “What …
Adoption / July 28, 2021
Bitcoin is at a ‘tipping point’ in international trade, Citi says
The world’s largest cryptocurrency, Bitcoin (BTC), is at a defining moment in history, according to analysis from United States investment bank Citigroup. Bitcoin is now at a “tipping point” to either become the preferred currency for international trade or face a “speculative implosion,” Citi analysts reportedly said. According to a Reuters report Monday, Citi analysts are confident that Bitcoin is on the cusp of going mainstream. According to the report, Bitcoin’s tremendous potential has been fueled by recent big Bitcoin moves by companies like Tesla and Mastercard. Citi analysts wrote, “There are a host of risks and obstacles that stand …
Adoption / March 1, 2021
Institutional investment will boost Bitcoin to $75,000, says SEBA CEO
The CEO of Swiss-based financial institution SEBA Bank shared his predictions for Bitcoin in 2022. A boon for BTC bulls, Guido Buehler was optimistic about institutional adoption and a price increase to $75,000 per coin. He explained in an interview that, at SEBA, asset pools are looking for the right time to invest. However, they need the right counterparties and the necessary regulation in order to deploy capital. When pressed on whether Bitcoin (BTC) would hit new highs this year, Buehler thinks it’s possible, “the question is always time.” He noted that with BTC dominance bottoming out at 40%, it’s …
Adoption / Jan. 13, 2022