BBVA throws open bitcoin (BTC) trading for its private banking clients in Switzerland

Karthik Subramanian

BBVA, one of the major banks in Spain with a fully owned franchise in Switzerland, has announced that bitcoin trading and storage would be available for its private banking clients in Switzerland.

This has been launched after a period of 6 months of testing with a selected group of users and after studying the system reliability and performance and getting feedback from the users.

Alfonso Gómez, CEO of BBVA Switzerland, says: “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.”

The bank also announced that this new service would be launched on June 21 and would include trading and custody services and this would be integrated into the existing banking platform so that the users would be able to view their holdings and their performances just like how they can see the other asset classes. The bank also said that this service would begin with bitcoin and it would be gradually expanded into other instruments in due course of time.

While different countries grapple with the way to best deal with cryptocurrencies, with China and the US regulators looking to tighten their control, Switzerland is one of the few countries that have well-defined laws for dealing with cryptos and these can be expected to be stable in the future as well. This is the reason why these services have been launched in this country, the bank said. It also added that the extension of this service to other countries would depend on the demand and also on the regulation in those countries along with how the market matures in the future.

Recently we saw Vaneck establish its Bitcoin and Ethereum ETPs in Switzerland showing the way for other financial firms as well. Though bitcoin presents as a risky asset at this point, we are seeing increasing interest from retail and institutional clients over the past few months and even the drop in their prices do not seem to have dampened the enthusiasm. With Switzerland providing a stable environment for financial firms dealing with crypto, it is only a matter of time before we see more and more banks and other companies looking to launch various asset products revolving around bitcoin and other cryptocurrencies.

Read this next

Industry News

Playtech to close Finalto sale to Gopher in two weeks

Playtech, the London-listed gambling software developer, today said it expects to close the divesting of its financial trading division Finalto by mid July 2022.

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.

<