Banco Bilbao Vizcaya Argentaria (BBVA)-Spain’s second largest bank-will provide Bitcoin (Bitcoin) Swiss trading and custody services.
According to a freed BBVA Switzerland, released on Friday, will begin bitcoin transactions for all private bank customers interested in crypto assets on June 21.
This initial encrypted transaction service only applies to Bitcoin, but the bank said it plans to expand its products to other cryptocurrencies. However, BBVA stated that its encrypted trading platform will not include any digital asset investment advisory services.
As part of the announcement, BBVA Switzerland revealed that the Bitcoin transaction service will be part of the bank’s asset investment catalog for private banking customers. Therefore, clients will be able to view the performance of their BTC positions and their other portfolios.
According to the statement, this in-app integration will provide customers with simplified data for account statements and tax declaration purposes. BBVA Switzerland also stated that customers will be able to automatically switch between Bitcoin and fiat currencies to prevent losses due to price fluctuations.
For Alfonso Gómez, CEO of BBVA Switzerland, this move represents a fusion of high-quality banking services and innovation in the field of crypto assets. “Through this innovative offer, BBVA positions itself as a benchmark institution for adopting blockchain technology,” the CEO said.
Regarding the decision to launch the product in Switzerland first, BBVA emphasized that the country’s crypto-friendly policy is a major determinant.
In fact, some Swiss banks have previously announced encrypted transaction services for their customers.As early as February, the 170-year-old Swiss financial institution Bordier & Cie cooperated with the digital bank Sygnum Provide cryptocurrency transactionsg is used for assets such as Bitcoin and Ethereum (Ethereum) And Bitcoin Cash (Bitcoin cash) Wait.
As previously reported by Cointelegraph, Swiss banking giant UBS announced plans to provide Limited exposure to crypto investment For some wealthy customers.
As early as September 2020, the country’s authorities Enacted a comprehensive set of laws Used for encryption and blockchain.The first stage of the new legal framework Take effect In early February, the second part is expected to be launched in the summer.