Banco Bilbao Vizcaya Argentaria (BBVA), the second-largest bank of Spain, is set to offer Bitcoin (BTC) trading and custody services in Switzerland.
It has been reported that BBVA Switzerland is going to begin Bitcoin trading for all private banking clients interested in crypto assets from today (June 21).
However, this initial crypto trading service is only for Bitcoin but the bank said that it has plans to extend its offering to other cryptocurrencies. BBVA said that its crypto trading desk will not include any digital asset investment advisory services.
The report said that 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. Customers will be able to view the performance of their BTC positions alongside the rest of their portfolios.
This in-app integration is going to offer simplicity for customers in terms of streamlined data for the 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.
Alfonso Gómez, the CEO of BBVA Switzerland, said that the move represents a melding of quality banking services and innovations in the crypto asset space.
He added:
“With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology.”
Likewise, BBVA highlighted the country’s crypto-friendly policies as a major determining factor regarding its decision to first introduce the product in Switzerland. 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, 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.
Thus, phase one of the new legal framework came into effect at the start of February with part two expected to follow in the summer.
Source: Cointelegraph | Image: Tech Republic