Spain’s BBVA announced yesterday that it will start providing bitcoin trading services for private clients in Switzerland who are interested in investing in the digital currency, Reuters reports.
Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, South America, North America, Turkey, and Romania.
The bank announced that the new service, to be launched on June 21st, will offer bitcoin transactions and deposit services, with the aim of expanding into other cryptocurrencies. However, it will not offer advisory services on these elements.
BBVA notes that it has identified “significant interest” among investors in cryptocurrency assets or digital assets to diversify their portfolio, despite large fluctuations and high risk, BBVA Switzerland managing director Alfonso Gomez said in a statement released publicly.
The bank has clarified that it is focusing its new services in Switzerland as the country has clear regulation and widespread adoption of digital data. “Its expansion to other countries or other types of customers will depend on whether these markets meet all the necessary conditions in terms of maturation, demand and regulations,” the bank notes.