The Swiss arm of Spain’s second largest bank, BBVA Switzerland, will offer retail clients the opportunity Bitcoin (BTC) for investment. This can be read in a file Advertising published by the bank yesterday.
BBVA Switzerland does the six-month test. A select group of Swiss customers have been given the opportunity to buy bitcoin directly from the bank and keep it there as well. BBVA Switzerland CEO Alfonso Gómez explains why the tests are important:
“This gradual launch has enabled BBVA Switzerland to test the service’s operations, enhance security and, most importantly, detect high demand among investors for cryptocurrencies or digital assets as a way to diversify their portfolios, despite their high volatility and risk,”
And it turns out that this question exists! The CEO also stated that he expects crypto to be a world that “will have a significant impact on financial services.”
At the moment, customers in Switzerland can only buy bitcoin Through the bank application. However, the BBVA makes it clear that it wants to add more cryptocurrencies as well as expand to other countries. Expanding the service to other countries is a difficult task due to the different regulations that countries place in relation to cryptocurrencies.
The first indications that BBVA, a bank with more than $800 billion in assets under management, wanted to participate in cryptocurrency was heard as early as December 2020 and then anonymous sources informed CoinDesk. The bank wanted to 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 make banks redundant. However, banks can be an important stepping stone for a broader adoption of cryptocurrencies. Also our ING bank You will now be involved in crypto-related services in several areas.