After six months of testing with a selected group of users, BBVA Switzerland makes its first crypto-asset trading and custody service available to all its private banking clients.
The new service will go live as of June 21 for Swiss private banking clients interested in digital asset investments. While initially sticking to bitcoin, other digital currencies will be offered over time.
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."
For customers, the bitcoin management system is fully integrated in their banking app, where its performance can be viewed alongside that of other asset holdings, funds or investments.
BBVA has combined with several crypto exchanges for the service, ensuring that bitcoins can be converted into euros or any other current currency, and vice versa, automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers.
“We are bringing the quality of banking service to the fledgling world of crypto assets,” stresses Gómez.
He says its extension to new countries or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation.