After six months of testing, this Switzerland bank is set to offer Bitcoin trading and custody services to its clients.
BBVA Switzerland is the latest bank to enter the cryptocurrency space. Today, they announce that their service will open on June 21st for its private banking clients interested in digital asset investments.
The six-month test launch stress tested the system and served as a way to gauge interest for the cryptocurrency service, according to BBVA CEO Alfonso Gomez.
“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.”
BBVA’s Bitcoin management system is fully integrated into its app, which will allow investors to track Bitcoin’s performance alongside other assets while letting investors hold traditional and digital assets in the same investment portfolio.
The bank plans on issuing digital wallets, where users can instantly convert between Bitcoin and other currencies without delays and without the illiquidity that affects other digital wallets or independent brokers.
“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. Over the coming months, we will continue to enhance and expand the digital asset offering.”
Currently, Bitcoin trading is limited to only Switzerland. However, BBVA is considering extending the service to other countries based on market maturation, demand and regulation.
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