BBVA Switzerland launches new service for sale & custody of bitcoins

BBVA Switzerland launches new service for sale & custody of bitcoins

The service is expected to go operational in Switzerland starting January 2021 

Spanish multinational financial services firm, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has announced testing what is said to be the first commercial service for the sale & custody of digital assets. According to sources, the new service, offered through  subsidiary BBVA Switzerland, will allow managing transactions in bitcoins and have deposits with cryptocurrency.

Reportedly, BBVA has been exploring blockchain technology for many years across diverse application areas like corporate finance, international payments, and capital markets. Advancements in blockchain technology together with intensifying demand for services related to cryptocurrencies encouraged BBVA to explore its first offering targeted at managing digital assets.

The new service would allow BBVA to meet the growing demand from well-informed investors who already operate with these digital currencies through startups or fintechs. It is also a completely new offering in the market that enables clients to invest and combine traditional and digital financial assets in the same investment portfolio.

Claims are made that initially, BBVA will only manage accounts and transactions related to bitcoin, as it is one of the most accepted cryptocurrency. Nonetheless, there are plans to expand the offering to other digital assets as well down the line. However, in any case, BBVA will not provide advice for investing in these types of assets.

As for its roll out in Switzerland, the country was chosen for launching this new services, majorly due to the fact that it has a significantly advanced ecosystem when it comes to regulation and adoption of digital assets.

The country is home to numerous companies that specialize in technology blockchain, which is ideal to launch such a service. Apart from this, different banks in Switzerland already offer digital asset management services for companies, institutional clients, as well as private clients.

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