Spanish bank BBVA recently confirmed that it will launch new cryptocurrency-based financial services from Switzerland, joining the many banking entities that are already part of the crypto ecosystem.
BBVA has been studying the potential of technology blockchain for several years and has even participated in several projects that integrate this technology and has a blockchain-based corporate lending platform awarded by The Banker. BBVA's advances in technological innovation have led this institution to be among the banking leaders in the use and implementation of new technologies in development, but that is not all. Now the entity formally announced the provision of financial services that integrate cryptocurrencies, .
In a Press release, BBVA informs its customers, users and the community in general that they will be able to enjoy Its first commercial service for the purchase, sale and custody of bitcoins from its headquarters in Switzerland. The entity chose Bitcoin (BTC), the leading cryptocurrency in the market by market capitalization, due to the high demand from users and investors, who every day look for viable options to diversify their investments. Likewise, the new financial services were initially launched from Switzerland, since this country has favorable and friendly regulations for the development of the crypto industry, as reported by this media yesterday. However, sources close to the entity indicate that the new financial services with Bitcoin will soon be available to clients throughout Europe.
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Buy, sell and keep Bitcoin at BBVA starting in 2021
In its statement, the bank reports that it is already beginning to roll out tests of what will be its first commercial service with cryptocurrencies. Clients of this entity will soon be able to start buying, selling and storing their bitcoins within the bank, which will also offer custody services.
“The new service, which will be offered through BBVA Switzerland, will allow transactions to be managed in bitcoins and deposits to be made in this cryptocurrency”
BBVA also stated that it has been exploiting the potential of blockchain technology for several years, so it was time to start exploring the potential of cryptocurrencies and digital assets. In this sense, and due to the great boom and interest in cryptocurrencies today, BBVA decided to present its first offer aimed at managing digital assets, focusing on Bitcoin as the leading cryptocurrency on the market, and also the most popular and in-demand among investors.
The bank's new services are currently under development and the team is already putting the finishing touches to make them available early next year.
An effective response to the growing demands of society
Cryptocurrencies and digital assets play a fundamental role in the global economy today, not only for investors, who take full advantage of the long-term appreciation potential of these assets to grow their portfolios, but also for society in general.
As BBVA highlights, nowadays paying with bitcoins or other cryptocurrencies is as easy as doing so with a plastic card or cash. More and more commercial establishments are accepting payments with these digital assets and there are even physical ATMs where exchanging physical money for bitcoins and cryptocurrencies is very quick, easy and simple. In addition, BBVA published a article where he explains the full potential of digital currencies and how they are transforming the way we view money and society.
The entity believes that it is time for traditional banking and financial institutions to embrace the potential of new technologies and begin to offer innovative services that provide an effective response to the growing and changing needs of the population, playing an important role in the integration of digital assets into current markets and infrastructures and staying at the forefront of new developments.
A combination of past, present and future
Alicia Pertusa, Head of Strategy at Client Solutions at BBVA, says that the integration of new services with cryptocurrencies allows the entity to combine the potential of traditional financial instruments with the potential that cryptocurrencies represent today and that will continue to grow and consolidate in the future.
With these statements, it seems that banking entities are beginning to be aware of the transformative potential of cryptocurrencies, which are here to stay.
Starting in 2021, BBVA will begin offering its clients its new bitcoin buying and selling and custody service, and in the near future it plans to expand these services by integrating new digital assets. Likewise, the entity is committed to offering specialized advice to guide clients interested in investing in this type of asset.
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