Spain’s BBVA opens Bitcoin trading to all private banking customers in Switzerland – Services Bitcoin News

Spain’s second largest bank, BBVA, will open its Bitcoin trading and custody business for all private banking customers in Switzerland in a few days. The bank has been testing the cryptocurrency service for six months. “The Bitcoin management system is fully integrated” into the bank’s app, “where its performance can be viewed along with the customer’s other assets, funds or investments.”

BBVA’s fully integrated Bitcoin service

The Spanish Banco Bilbao Vizcaya Argentaria (BBVA) announced on Friday that BBVA Switzerland would be on the 21st.

The bank has been testing this new cryptocurrency service for six months with a select group of customers. BBVA stated:

BBVA Switzerland’s offering initially includes Bitcoin trading and custody services with the aim of expanding it to other cryptocurrencies. The company will not offer advice on these types of investments.

The BBVA stated that the new cryptocurrency service will initially only be available in Switzerland because the country has “clear regulation and widespread acceptance” of crypto assets.

Founded in 1857, BBVA “has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and has leading franchises in South America,” it says on its website.

At the end of March, the group had total assets of 719.7 billion euros, 79.8 million customers in more than 25 countries, 122,021 employees, 7,254 branches and 30,747 ATMs. BBVA is the second largest bank in Spain after Banco Santander. The presence in Switzerland takes place through a 100% in-house franchise.

The announcement details of the bank:

One of the most important attractions of the BBVA Switzerland offer is that the Bitcoin management system is fully integrated into the app, where its performance can be viewed together with the other assets, funds or investments of the customers.

This service “allows traditional and digital financial assets to be invested and combined in the same investment portfolio,” the bank said, adding that it helps clients “in terms of ease of trading, bank statements, tax returns, etc.”

BBVA continued: “The customer’s personalized digital wallet allows Bitcoins to be converted into euros or any other current currency and vice versa automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers.”

Alfonso Gómez, CEO of BBVA Switzerland, commented: “We are bringing the quality of banking services to the young world of crypto assets. With this innovative offer, BBVA is positioning itself as a benchmark institution for the introduction of blockchain technology. ”He revealed:

In the coming months we will continue to improve and expand the range of digital assets.

What do you think of BBVA’s bitcoin service? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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