BBVA is Restate Roll Out of Crypt Trading, Prison Facility in January 2021

BBVA is Restate Roll Out of Crypt Trading, Prison Facility in January 2021
December 12, 2020
December 12, 2020

Kelly Cromley
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BBVA, Spain’s popular banking group, confirmed that it has started trialling crypto trading and also a security service through BBVA Switzerland.

The Swiss-based affiliate provides global private banking facilities, suggesting that the service will focus on licensed investors. When introduced in 2021, it will only provide Bitcoin, with the intention of offering other crypto assets after some time.

Alicia Pertusa, Head of Client Solutions Strategy at BBVA, said

“Digital assets have huge potential to transform the way value and knowledge are exchanged through blockchain technology. Financial institutions, in collaboration with supervisors, can play a relevant role in integrating digital assets into existing markets and infrastructures. ”

The publication states that it primarily aims to serve investors who have sufficient knowledge of cryptos but who have cryptos only through startups. BBVA has listed several benefits. In particular, the benefits are all encompassing “All guarantees of any other banking service.”

In particular, it highlights Bitcoins held as “Deposits.” In addition, it will pave the way for customers to have a sole portfolio that merges conventional investments with cryptos.

BBVA chose Switzerland as it offers a friendly regulatory environment, impressive crypto adoption rates and supports a range of blockchain initiatives. Unlike some organizations, at present, BBVA only mentions cryptos. However, BBVA is a pioneer in piloting bond simplification and even issuing debt through blockchain.

Several key announcements were made by organizations regarding crypto assets and cryptocurrencies last week. In the past few days, SIX and SBI Japan unveiled a quarter-end cryptocurrency partnership in Singapore.

Standard Chartered and Northern Trust confirmed the establishment of Zodia, a UK partnership company for cryptocurrency custody. Similarly, DBS Bank has introduced the DBS Digital Exchange, which will facilitate crypto trading, custody and trading. Interestingly, DBX Digital Exchange has received investment from SGX stock market.