BUT Swiss branch from a spanish bank Bilbao Vizcaya Argentaria (BBVA) will start providing storage and trade Bitcoin for your private clients from Monday, June 21st.
Initially, the proposal will only apply to bitcoins, but other cryptocurrencies are planned to be added in the future. At the same time, the bank warned that its new service will not advise on investments in cryptocurrencies.
When Bitcoin becomes part of the bank’s investment, BBVA private clients will be able to see the performance of their digital currency positions alongside traditional financial assets. This will be possible by integrating a dedicated service into the banking application.
Storage and conversion of bitcoins in Spain’s second largest bank
According to BBVA, the bank’s clients will have no problems preparing fiscal reports. In addition, they will be able to automatically convert bitcoins to fiat currencies and vice versa to avoid losses due to exchange rate volatility.
BBVA Switzerland CEO Alfonso Gomez, said that the bank launched the service after testing, which lasted about six months.
During the tests, the bank’s specialists were able to better understand the risks associated with cryptocurrencies.
According to Gomes, the service will determine how much bitcoin will interest the bank’s clients as a tool for diversifying the investment portfolio, despite the high level of risk and volatility of cryptocurrencies.
The financial institution decided to launch the new service after realizing the desire of many investors to diversify their portfolios with digital assets, despite the potential risks and market volatility.
According to BBVA, access to the new services will be open to all customers without exception.
The determining factor in which the bank decided to provide these services was the country’s benevolent attitude towards the cryptocurrency industry. In May, the Swiss bank UBS also announced its readiness to offer its clients the opportunity to invest in cryptocurrencies.
This week, another local bank, Sygnum, announced the upcoming launch of DeFi token trading and custody services for institutional investors.
As for the launch of similar services in other countries, BBVA said that everything will depend on maturity, level of demand and market regulation.
