Banking giant BBVA have opened crypto trading to its private clients in Switzerland
BBVA Switzerland has announced that after six months of testing, trading and custody services of crypto will be offered for private clients of the bank.
Starting from June 21, private clients of the Swiss arm of BBVA that are interested in digital asset investing, will now be able to do so through the bank.
Currently the announcement states that only bitcoin will be available for trading and custody services. However more cryptocurrencies are expected to be added in the future.
Commenting on the announcement, CEO of BBVA Switzerland, Alfonso Gomez said “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.”
BTC offering via banking app
The move will see bitcoin being offered directly to clients through the bank’s own mobile application. Customers will be able to track their crypto investments performance alongside their other funds and assets.
The offering will allow customers to easily access, trade, and monitor digital assets through their traditional banking portfolio.
Gomez believes the crypto market will play a major impact on all financial services. “We are bringing the quality of banking service to the fledgling world of crypto assets,” he stated. Gomez expects the offering to expand to add more cryptocurrencies as the company looks to position itself as the leader in blockchain technology adoption within its industry.
Banks beginning to accept crypto
The move is the latest in a growing number within the industry. Most recently, Texas announced that it had authorized state-chartered banks to offer customers custody services for cryptocurrencies.
Several global banks are already working with governments to introduce Central Bank Digital Currencies (CBDCs) within their respective countries. These include France and Switzerland.
China has already shown huge growth in terms of pushing its own CBDC. The country has already launched the digital Renminbi, with cash exchange service ATMs already launched in Beijing.