BBVA opens bitcoin trading to all private banking clients in Switzerland

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

The new service will go dwell as of June 21 for Swiss private banking clients in digital asset investments. While initially sticking to bitcoin, different digital currencies will likely be provided over time.

Alfonso Gómez, CEO of BBVA Switzerland, says: “This gradual roll-out has allowed BBVA Switzerland to take a look at the service’s operations, strengthen safety and, above all, detect that there’s a vital want amongst buyers for crypto-assets or digital property as a approach of diversifying their portfolios, regardless of their volatility and excessive danger.”

For prospects, the bitcoin administration system is absolutely built-in in their banking app, the place its efficiency might be considered alongside that of different asset holdings, funds or investments.

BBVA has mixed with a number of crypto exchanges for the service, guaranteeing that bitcoins might be transformed into euros or another present forex, and vice versa, routinely, with out delays and with out the illiquidity that impacts different digital wallets or impartial brokers.

“We are bringing the standard of banking service to the fledgling world of crypto property,” stresses Gómez.

He says its extension to new international locations or different forms of prospects will rely upon whether or not the markets meet the suitable situations in phrases of maturity, demand and regulation.

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