Banco Bilbao Vizcaya Argentaria (BBVA) – a heavyweight in the Spanish banking sector – is reportedly going to roll out Bitcoin (BTC) trading and custody offerings to Swiss clients.
Specifically, the BBVA branch in Switzerland will reportedly start to provide facilitating features for Bitcoin trading, dedicated to every private banking customer looking to associate with crypto assets, beginning June 21.
This initial crypto trading is reportedly exclusive for Bitcoin at the moment, with te BBVA Switzerland disclosed initiatives to widen the scope to cover additional virtual coins.
Nonetheless, BBVA further revealed that digital asset investment advisory services will not be covered within the scope of its crypto trading desk.
BBVA Switzerland additionally remarked that the Bitcoin trading service is going to partially make up the bank’s asset investment catalog, devoted to private banking customers – offering them visibility on how their BTC positions are performing, together with the remaining of their portfolios.
This in-app integration is reportedly expected to make it easier for customers, when it comes to data enhancing for statement of accounts and tax filing purposes, apart from others.
Per BBVA Switzerland, a tool supporting the automated conversion of Bitcoin and fiat currencies back-and-forth will also be included, to limit loss caused by price volatility.
According to the Head of BBVA Switzerland Alfonso Gómez, the development reportedly works as a melding of quality banking services and innovations throughout the crypto asset sphere.
As for why Switzerland was first selected to release the new offering, BBVA reportedly referred to the nation’s crypto-friendly regulations being a determining factor.