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- BBVA has launched a crypto-currency exchange service in Spain.
- The service will allow customers to buy, sell and manage bitcoin and ethereum via its app.
Spanish bank BBVA has received the green light from the Spanish Financial Markets Regulatory Authority to enable its customers to carry out transactions on Bitcoin and Ether. This authorization will enable the bank to consolidate its presence in the digital assets market and stimulate the trend towards increased use of crypto-currencies in Europe.
The service will be rolled out over the coming months and will enable customers to invest, trade and transfer bitcoin and ether from the bank’s app. The app will be launched on a trial basis for a select group of customers, before being extended to all private banking customers in Spain.
BBVA operates in Switzerland and Turkey and offers crypto-currency trading and custody services. The expansion into Spain is an important step as the full implementation of crypto asset market regulation (MiCA) takes place across the European Union.
BBVA will use cryptographically sealed client assets, differentiating it from other players who outsource their custodians. This will mitigate security concerns and enhance the functionality of the software for the end-user.
Although the platform is designed to be easily accessible, it should be noted that BBVA will not offer advice on investing in digital assets. Customers will be entirely responsible for their personal financial transactions and choices regarding crypto assets.
The head of retail banking for Spain, Gonzalo Rodríguez, said BBVA wanted to make investing in crypto-currencies as easy as using its current mobile banking apps. He added that customers will benefit from a secure and solid financial organization from a bank.
Spain joins BBVA’s crypto-currency expansion
BBVA’s current foray into crypto-currencies took several years to receive the necessary approval. The bank first entered Switzerland due to its favorable regulatory environment, made possible by the Swiss Financial Market Supervisory Authority (FINMA). In January, it extended its offer to Turkey by opening a local branch in that country.
This latest initiative comes as a growing number of European banking organizations adopt crypto-currency-related services. Deutsche Bank is working on an Ethereum rollup called ZKsync and, through a partnership with Taurus Group, offers crypto-currency custody. Paris-based bank Société Générale has announced the launch of a stablecoin in euros on the XRP ledger, called SG-FORGE.
Thanks to this new feature, BBVA customers in Spain will be able to carry out banking and crypto-currency transactions directly from the mobile app. Rodríguez reaffirmed BBVA’s interest in helping customers navigate the new world of digital assets. Drawing on its banking experience, BBVA is looking to give investors an easy and secure way to invest in crypto-assets.
According to a survey by the European Central Bank, 9% of Spaniards own digital assets, more than double the figure for 2022. However, Spain has risen to the level of France and Croatia, where 10% of the population own crypto-currencies, while Slovenia and Greece lead the pack with 15% and 14% respectively.
