• For The First Time, BBVA Switzerland Launches Bitcoin Trading

  • BBVA Switzerland has launched its first crypto-asset trading and custody service for private banking clients after six months of testing.

    To its private banking clients, BBVA Switzerland has announced the launch of a crypto-asset trading and custody service. After a six-month period of testing, the service is now available. According to BBVA Switzerland CEO Alfonso Gómez, the trial phase allowed the bank to properly assess the risks associated with the asset class.

    BBVA wanted to see if there was a “significant appetite among investors for crypto assets or digital assets as a way of diversifying their portfolios, notwithstanding their volatility and high risk,” according to Gómez.

    For the time being, the trading service exclusively accepts Bitcoin. It is hoped that this will be extended to additional cryptocurrencies in the future.

    The bank’s cryptocurrency program is expected to launch on June 21.

    The Crypto Service of BBVA Switzerland The cryptocurrency service from BBVA includes a Bitcoin management system that is fully linked with the bank’s app. Customers can see performance statistics with their other assets in this way.

    Customers will be able to exchange bitcoins for euros and other currencies. “We’re delivering banking-quality service to the nascent realm of crypto assets,” Gómez explained.

    BBVA’s crypto service will only be available in Switzerland at the time of writing.

    The bank intends to spread its crypto service elsewhere if and when other countries have a clear strategy to regulating the crypto business.

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