BBVA Introduces Bitcoin and Ether Trading and Safekeeping Services for All Retail Clients in Spain
BBVA, the Spanish multinational banking group, has recently expanded its cryptocurrency trading and custody services to retail customers in Spain, marking a significant step in the bank's digital asset journey. The new service, available through the bank's mobile app, allows customers to buy, sell, and hold Bitcoin (BTC) and Ethereum (ETH) with ease.
The expansion in Spain follows BBVA's initial foray into cryptocurrency offerings in June 2021, when BBVA Switzerland introduced Bitcoin custody and trading services for private banking clients, marking the beginning of BBVA's journey into the crypto sphere. In 2023, BBVA's Turkish subsidiary, Garanti BBVA, set up a specialized company offering a wide range of crypto-assets, including Bitcoin, Ether, USDC, Solana, XRP, AVAX, and Chiliz.
BBVA's Digital Assets service is fully integrated with the bank's other financial services, providing a seamless experience for users. The bank's commitment to a fully digital experience is evident in this initiative, aiming to offer the best investment and transaction-based solutions for digital assets.
The service is governed by the European Union's Markets in Crypto-Assets (MiCA) regulations, which aim to provide additional safeguards and protection for investors. BBVA's Digital Assets service is backed by a robust, secure, and regulation-compliant infrastructure. Access to the service is customer-initiated through the app.
It's important to note that BBVA will not provide investment advice on these assets. The service is accessible to all legal-age retail customers in Spain. The initiative aligns with the European Regulation on Markets in Crypto-Assets (MiCA), which aims to create a harmonised regulatory framework for crypto-assets within the EU.
BBVA has over a decade of experience in blockchain technology, and the bank continues to grow its digital assets business, including new assets (crypto or stablecoins) and traditional assets in tokenized form (bonds, funds). Francisco Maroto, Head of Digital Assets, has commented on the expansion of BBVA's digital assets business, expressing the bank's commitment to offering the best solutions for its customers in the digital asset space.
Customers can rest assured that their digital assets are secure, as the service is part of BBVA's robust digital banking environment. With the launch of this service, BBVA becomes the third market where the bank is scaling up its range of digital assets, further cementing its position as a leader in digital banking solutions.
The expansion of BBVA's digital assets business, which includes cryptocurrencies like Bitcoin and Ethereum, signifies a significant leap in the bank's utilization of blockchain technology within the finance and business sector. This move is a part of BBVA's ongoing commitment to offering a seamless, customer-initiated digital asset trading experience, supported by a secure and regulation-compliant infrastructure.
