One of the largest banks in Spain officially begins trading Ethereum and providing cryptocurrency custody services
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Answer One of the largest banks in Spain officially begins trading Ethereum and providing cryptocurrency custody services
After previous reports that BBVA – one of the largest banks in Spain, managing assets worth nearly $840 billion – has launched bitcoin trading services, today press reports emerged that the bank has now added Ethereum to its investment platform.
It was completed Advertising About the news and the new development officially in a blog published by the Spanish Bank today, Monday.
BBVA Bank now supports Ethereum:
Due to the fact that Switzerland has relatively clarified the rules and regulations related to cryptocurrencies, as stipulated by the country’s Financial Market Supervisory Authority (FINMA), BBVA Switzerland has started providing crypto-asset services to its clients since last June.Read:The Central Bank of the Bahamas launches its own digital currency, CBDC, based on the blockchain
However, the Swiss branch has now expanded its custodianship of cryptocurrency and trading, by adding Ethereum to its investment portfolio.
Ethereum is the second largest cryptocurrency in the world after Bitcoin, and with his addition, BBVA Swiss’s initial offering may now be complete.
This means that all of the bank’s customers with a new account can manage both Bitcoin and Ethereum.
Customers can manage their BBVA cryptocurrency, along with their other traditional investments, and they will also be able to easily convert assets into any fiat currency of their choice.
Meanwhile, the CEO of BBVA Switzerland shared the reasons behind adding Ethereum to the bank’s crypto-asset portfolio, commenting:
It is a fact now that Bitcoin and Ethereum are the most common protocols that interest both individual and institutional investors.
The CEO added:
The two assets provide investors with a guarantee that they remain compliant with regulations.
A major step towards greater expansion:
As a reminder, this is not the first time that BBVA has invaded the crypto sector.
In July 2018, the bank became one of the leading financial institutions that combine private and public blockchain networks in a direct transaction.Read:Find out which countries have the best tax legislation on the crypto market!
BBVA has always sponsored ambitious crypto initiatives in Latin American countries, while also looking at Europe and Turkey.
But there is a hitch.
Many European countries have debatable regulations, and sometimes rules that are not completely compatible with cryptocurrency.
But in Switzerland, things are relatively different when it comes to crypto and blockchain.
As we indicated in the presentation of the article, BBVA Bank is now able to provide this new service, thus placing the bank at the forefront of candidates in adopting the blockchain technology.
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