Spain’s BBVA opens Bitcoin trading service to clients in Switzerland

Representations of the Bitcoin cryptocurrency are seen in this illustration image taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

MADRID, June 18 (Reuters) – Spain’s BBVA (BBVA.MC) mentioned on Friday mentioned it was launching a bitcoin trading service for personal banking clients in Switzerland in digital asset funding.

The financial institution mentioned the brand new enterprise, launching on June 21, would come with bitcoin trading and custody companies, with the purpose of extending it to different cryptocurrencies. It wouldn’t supply recommendation on all these investments, it mentioned.

BBVA mentioned that in a gradual roll-out it had detected a “important need” amongst traders for crypto-assets or digital property to diversify their portfolios regardless of their volatility and excessive danger, BBVA Switzerland’s Chief Executive Alfonso Gomez mentioned in assertion.

The trading service comes amid rising institutional curiosity in bitcoin. The largest cryptocurrency is seen by traders and a few firms as a hedge in opposition to inflation as governments and central banks activate the stimulus faucets.

El Salvador has turn into the world’s first nation to undertake bitcoin as authorized tender despite the fact that central banks globally have repeatedly warned that traders in the cryptocurrency should be prepared to lose all their cash. learn extra

Major economies, together with China and the United States, have signaled in latest weeks a harder method, whereas creating plans to develop their very own central financial institution digital currencies.

In May Goldman Sachs (GS.N) revealed particulars of a cryptocurrency trading group, in accordance to a workers memo seen by Reuters. learn extra

On Friday, BBVA mentioned it was limiting this new cryptocurrency service to Switzerland as a result of the nation has clear regulation and widespread adoption of digital property.

“Its extension to new nations or different varieties of clients will rely upon whether or not the markets meet the suitable situations in phrases of maturity, demand and regulation,” it mentioned.

BBVA is current in Switzerland by a completely owned franchise, targeted on worldwide banking companies.

Reporting by Jesús Aguado; enhancing by Emma Pinedo

Our Standards: The Thomson Reuters Trust Principles.

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