- BBVA has launched a crypto trading service in Spain.
- The service will allow customers to buy, sell, and manage Bitcoin and Ethereum through its app.
Spanish bank BBVA has received the green light from Spain’s securities regulator to allow its customers to trade in Bitcoin and Ether. This will help the bank consolidate its presence in the digital asset market and boost the trend of increasing cryptocurrency usage in Europe.
The service will be rolled out in the coming months and will allow clients to invest, trade, and transfer both Bitcoin and Ether from the bank’s app. The app’s launch will be on a pilot basis for a selected group of clients, and then it will be extended to all the private banking clients from Spain.
BBVA has operations in Switzerland and Türkiye and offers crypto trading and custody. The expansion into Spain is a major step as full implementation of the Markets in Crypto-Assets (MiCA) regulation unfolds across the European Union.
BBVA will utilize cryptographically sealed customer holdings, which makes it different from other players who outsource their custodians. This will alleviate security concerns and improve the software’s functionality for the end user.
While the platform is designed to be easily accessible, it is notable that BBVA will not offer advice regarding investing in digital assets. Customers will be fully responsible for their operations and personal financial choices concerning crypto assets.
The Head of Retail Banking for Spain, Gonzalo Rodríguez, stated that BBVA is interested in making investing in cryptocurrency as easy as using its current mobile banking applications. He said that customers will be provided with a secure and sound financial organisation of a bank.
Spain Joins BBVA’s Crypto Expansion
BBVA’s current foray into the crypto domains has spanned through the window of multiple years to receive the necessary approval. First, the bank entered Switzerland because it has a favourable regulatory environment, which is made possible by the Financial Market Supervisory Authority (FINMA). In January, they expanded their offering in Turkey through a local branch in Türkiye.
This new move came as an escalating number of European banking organizations adopted cryptocurrency services. Deutsche Bank is working on an Ethereum rollup called ZKsync and, through a partnership with Taurus Group, offers crypto custody. Paris-based bank Société Générale has announced the launch of euro stablecoin on the XRP ledger known as SG-FORGE.
With this new feature, BBVA’s customers in Spain will be able to perform crypto operations and banking operations directly from the mobile application. Rodríguez reaffirmed BBVA’s interest in helping their customers navigate the new world of digital assets. By leveraging its banking experience, BBVA seeks to give investors an easy and safe way of investing in crypto assets.
A survey by the European Central Bank reported that 9 % of Spaniards owned digital assets, more than double the 2022 figure. However, Spain has risen to the level of France and Croatia where 10% of the population own cryptocurrencies, while Slovenia and Greece lead the pack with 15% and 14% respectively.
