Spanish bank BBVA is preparing to launch cryptocurrency services for its clients. The bank will offer a digital wallet, exchange and custody service.
The Spain’s Second-Largest Bank BBVA Preparing to Launch Crypto Services is a new report that suggests the bank is planning to launch crypto services.
- BBVA is considering entering the bitcoin market.
- Due to the stringent restrictions, BBVA may have difficulty finishing the project.
- BBVA also collaborates with Metaco to provide a complete management system.
BBVA, Spain’s second largest bank, intends to join the Bitcoin market.
However, the company’s cryptocurrency services begin in Switzerland. As a consequence of the project’s success, the bank has chosen to launch its crypto trading and custody service within the next month.
Furthermore, BBVA may have difficulty finishing the project. This is because the European government imposes stringent restrictions on banks in terms of cryptocurrency integration.
Alicia Pertusa, BBVA’s managing director of corporate and investment banking, said,
We believe that regulators’ attitudes about cryptocurrencies are changing, and we have discussed this with our own regulators.
Pertusa further said that their regulator recognizes the benefits of their project. “They realize that the usage of gas and ether in this kind of network is quite different from cryptocurrency speculation,” she said.
BBVA also collaborates with Metaco, a company that allows financial institutions to tokenize their assets. The bank now has a complete management system for different cryptocurrencies and smart contracts thanks to this cooperation.
Furthermore, BBVA is not the first bank to incorporate bitcoin and blockchain into its infrastructure. Blockchain technology is currently being used by several Australian banks to offer digital bank guarantees. However, the bank’s most recent positive move demonstrates how far the market has progressed.
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Frequently Asked Questions
Does BBVA allow Crypto?
Yes, BBVA is one of the few banks in the world that allows for crypto transactions.
What is the best crypto bank?
What banks take Cryptocurrency?
Currently, there are many banks that take cryptocurrency. The most popular bank is Bank of America.
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