BBVA Switzerland has announced a crypto-asset trading and custody service to its private banking clients. The service comes after a period of testing that lasted six months. The testing period allowed the bank to better examine risks associated with the asset class, BBVA Switzerland CEO Alfonso Gómez.
More importantly, however, BBVA wanted to determine whether there was a “significant desire among investors for crypto assets or digital assets as a way of diversity their portfolios, despite their volatility and high risk,” said Gómez.
For now, the trading service only offers Bitcoin. There is an aim to extend this to other cryptocurrencies in the future.
The bank’s crypto service is set to begin operations on June 21.
BBVA Switzerland’s Crypto Service
The BBVA’s crypto service comes with a Bitcoin management system that is fully integrated with the bank’s app. This way, customers can view performance data alongside their other assets.
Customers will be able to convert their Bitcoin into euros and other currencies. “We are bringing the quality of banking service to the fledgling world of crypto assets,” Gómez said.
At the time of writing, BBVA’s crypto service will only be available in Switzerland.
However, if and when other jurisdictions take a clear approach to regulating the crypto industry, the bank intends to expand its crypto service elsewhere.