One of the most extensive banking enterprises in Spain, Banco Bilbao Vizcaya Argentaria, or BBVA for short, has given the thumbs up to trading Bitcoin in Switzerland. Following a press release on Friday, June 18, the trading of BTC started this morning (June 21) for private clients who are invested or interested in cryptos.
For the time being, BBVA insists that their crypto services apply to Bitcoin exclusively, which makes sense as it is the world’s leading digital currency. In future, there are plans to offer their services to other cryptocurrencies on the market, such as Ethereum and Litecoin. BBVA made it clear with their announcement that they won’t provide any advisory work for crypto assets.
BBVA Switzerland is making their new Bitcoin trading product a part of their investment catalogue that private clients can access on-demand. Therefore, as any BTC investment will work alongside other assets, it allows the client to compare the different parts of their portfolio in total. So, they can see how Bitcoin stacks up against their mainstream assets.
The aim of BBVA Switzerland’s move, to offer bespoke in-app integration where Bitcoin is concerned, aims to bring crucial parts such as tax and statements into the same place. It takes away the hassle and increases ease of access and control over finances and portfolios. Bitcoin is, of course, renowned for its volatile price. But BBVA offers a quick transition between BTC and fiat currencies to avert losses. It’s a welcome addition to the service and one that clients will approve of in their droves.
BBVA, a banking institution known for the high-quality services it offers, is now embracing innovation and is at the forefront with the integration of Bitcoin and cryptocurrencies into their offering. Alfonso Gomez, the CEO of BBVA Switzerland, insists the bank he represents now is a “benchmark institution in the adoption of Blockchain technology.” And it’s true, they’re one of the first global banks to throw their all into cryptocurrencies, and their plans for the future show they want to continue developing in this space.
BBVA Switzerland’s move wouldn’t be possible if the country’s laws and policies weren’t crypto-friendly. Switzerland is very much on board with embracing blockchain technology, believing in its advantages, which paved the way for BBVA to begin offering trading services for Bitcoin. The government brought in laws for cryptos blockchain technology in September of last year, with stage one of the framework starting in February 2021 and the second part beginning imminently.
Since February, as well as BBVA Switzerland offering crypto trading services to their private clients, banking institutions such as Border & Cie teamed up with Sygnum, a digital bank, to allow their customers to trade Bitcoin, Ethereum, Bitcoin Cash, and other cryptos. UBS, a renowned banking enterprise in Switzerland, also plans to move into the market in future. So, the country could fast become a hub for Bitcoin and crypto investors shortly.