The Swiss branch of Spain’s second-largest bank, BBVA Switzerland, will offer retail clients the option of investing in bitcoin (BTC). This can be read in a ad that the bank released yesterday.
BBVA Switzerland has been testing for six months. A select group of Swiss customers were given the opportunity to buy bitcoin directly from the bank and keep it there. BBVA Switzerland CEO Alfonso Gómez explains why testing is an important part:
“This gradual deployment has enabled BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect strong investor demand for cryptographic or digital assets in order to diversify their portfolios, despite their volatility and high risk. . “
And that question turned out to be there! The CEO further states that he expects crypto to be a world that “will have a major impact on financial services.”
For now, only customers in Switzerland can buy bitcoin through the bank’s app. However, BBVA is making it clear that it wants to add more cryptocurrencies and expand to other countries. Extending the service to other countries is a difficult task given the different regulations of countries regarding crypto.
The first signs that BBVA, a bank with more than $ 800 billion in assets under management, wanted to get involved in crypto were heard as early as December 2020. Then, anonymous sources reported to CoinDesk that the bank was planning to do so. enter the crypto space.
For many crypto enthusiasts, the fact that banks offer crypto services is contradictory. This is because Bitcoin was once invented to lay off banks. Nonetheless, banks can be an important stepping stone for wider adoption of crypto. Our own bank ING would also be working on crypto-related services in several areas.