BBVA Switzerland opens Bitcoin Trading Trading for the first time

BBVA Switzerland has announced a crypto-asset trading and custody service for private banking clients. The service comes after a six-month trial period. The test period allowed the bank to better examine the risks associated with the asset class, said Alfonso Gómez, CEO of BBVA Switzerland. More importantly, BBVA wanted to determine whether there is "a significant desire for crypto assets or digital assets as a way to diversify their portfolios despite their volatility and high risk" among investors. For now, the trading service only offers Bitcoin. The goal is to expand this to other cryptocurrencies in the future. The bank's crypto service will launch on June 21. BBVA Swiss crypto service BBVA crypto service comes with a Bitcoin management system fully integrated with the bank's app. This way, customers can see performance data alongside their other assets. Customers can convert their Bitcoins to Euros and other currencies. “We bring quality banking services to the young world of crypto assets,” said Gómez. At the time of writing, BBVA's crypto service is only available in Switzerland. However, if other jurisdictions take a clear approach to regulating the crypto industry, the bank plans to expand its crypto service elsewhere.

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