TL;DR Breakdown
• BBVA is launching a Bitcoin trading service for its clients in Switzerland.
• It is a service specially designed for private banking clients who want to invest in Bitcoin.
BBVA is ready to launch a Bitcoin trading service for private banking clients interested in digital currencies.
BBVA has indicated that their new service will be launched on the 21st of June, including trading and custody services for BTC. In addition, they plan to extend to other digital assets. However, they would not offer advice on operation or investment.
BBVA enters the Bitcoin trading world
In Switzerland, the BBVA CEO, Alfonso Gómez, has stated that during the progressive rollout, he had detected a significant desire from cryptocurrency or crypto-asset investors to transform their portfolios despite the volatility and high risk of digital assets.
The Bitcoin trading service increases interest in cryptocurrencies, especially for Bitcoin. Some companies and investors see Bitcoin as a hedge against inflation, as central banks and governments turn on stimulus taps to embrace digital assets and enter the crypto world.
El Salvador has been the first country in the world to adopt Bitcoin as legal tender. President Nayib Bukele took this step despite central banks repeatedly warning that Bitcoin investors should be ready to crash this cryptocurrency and lose their money.
Countries like Paraguay and Mexico also want to enter the crypto world with specific regulations to prevent illicit activities from benefiting from digital assets.
The world’s major economies, including the United States and China, have signaled a stricter approach to regulate cryptocurrencies in recent weeks while developing plans to create and engineer their own central bank digital assets.
Investing in Bitcoin through BBVA
Goldman Sachs in May revealed details of a digital currency trading group. BBVA said they were limiting this new Bitcoin trading service to Switzerland because it had clear regulations and widespread cryptocurrencies.
The bank has said that the extension to new countries or other types of clients is under development and will depend on whether the markets can meet the right conditions in demand, regulation, and maturity.
Digital currencies have become a significant investment opportunity for companies and individuals. In addition, it is a faster and more secure payment method to buy and sell products and services.
BBVA bank is present in Switzerland through a franchise 100% focused on international banking services. This is a valuable opportunity for all cryptocurrency investors in Switzerland for many digital currency experts.
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