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Blockchain Act. 18 Jun 2021

BBVA Switzerland opens bitcoin trading service to all private banking clients

BBVA-banca-privada-bitcoin-suiza-innovacion-blockchain

After six months of testing with a selected group of users, BBVA Switzerland makes its first crypto-asset trading and custody service available to all its private banking clients.

The new service is available only in Switzerland and will start operating as of June 21 for its private banking clients interested in digital asset investments. For the time being, BBVA Switzerland's offer includes bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies. The entity will not offer advice on these types of investments.

"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," explains Alfonso Gómez, CEO of BBVA Switzerland.

One of the most important attractions of BBVA Switzerland's offer is that the bitcoin management system is fully integrated in its app, where its performance can be viewed alongside that of the rest of the customers' assets, funds or investments. This service thus represents a novel offering, as it allows investing and combining traditional and digital financial assets in the same investment portfolio. This integration also offers a great advantage in terms of simplicity when it comes to trading, account statements, tax returns, etc.

Through the customer's personalized digital wallet, bitcoins can be converted into euros or any other current currency, and vice versa, automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers. All this is possible thanks to the fact that BBVA operates with several sources for converting cryptocurrencies, which allows it to ensure 24-hour investment, managing orders of any size and processing multiple orders at the same time is possible. In addition, BBVA offers the highest security standards available in the market.

"We are bringing the quality of banking service to the fledgling world of crypto assets," stresses Gómez, who says this is just a first step in a world that he believes will have a major impact on all financial services. "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," he adds.

For the time being, BBVA is limiting this new cryptocurrency service to Switzerland because it has an ecosystem where there is clear regulation and widespread adoption of these digital assets. Its extension to new countries or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation.

BBVA is present in Switzerland, through a 100% Group-owned franchise, dedicated to international banking services.

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