Bitcoin News and Finance Spain’s BBVA Opens Bitcoin Trading to All Private Banking Clients in Switzerland Skip to main content

Spain’s BBVA Opens Bitcoin Trading to All Private Banking Clients in Switzerland

Spain's BBVA Opens Bitcoin Trading to All Private Banking Clients in Switzerland

Spain’s second-largest bank, BBVA, is opening up its bitcoin trading and custody service to all private banking clients in Switzerland in a few days. The bank has been testing the cryptocurrency service for six months. “The bitcoin management system is fully integrated” in the bank’s app, “where its performance can be viewed alongside that of the rest of the customers’ assets, funds, or investments.”

BBVA’s Fully Integrated Bitcoin Service

Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) announced Friday that BBVA Switzerland will open a bitcoin trading and custody service to all private banking clients on June 21.

The bank has been testing this new cryptocurrency service with a selected group of clients for six months. BBVA explained:

For the time being, BBVA Switzerland’s offer includes bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies. The entity will not offer advice on these types of investments.

BBVA explained that the new cryptocurrency service is only available in Switzerland for the time being because the country has “clear regulation and widespread adoption” of crypto assets.

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

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

The bank’s announcement details:

One of the most important attractions of BBVA Switzerland’s offer is that the bitcoin management system is fully integrated in its app, where its performance can be viewed alongside that of the rest of the customers’ assets, funds or investments.

This service “allows investing and combining traditional and digital financial assets in the same investment portfolio,” the bank noted, adding that it helps clients “in terms of simplicity when it comes to trading, account statements, tax returns, etc.”

BBVA further stated that “Through the customer’s personalized digital wallet, bitcoins can 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 service to the fledgling world of crypto assets. With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology.” He revealed:

Over the coming months, we will continue to enhance and expand the digital asset offering.

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

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory