Spain's BBVA opens Bitcoin trading service to clients in Switzerland



MADRID, June 18 (Reuters) - Spain's BBVA BBVA.MC said on Friday said it was launching a bitcoin trading service for private banking clients in Switzerland interested in digital asset investment.

The bank said the new business, launching on June 21, would include bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies. It would not offer advice on these types of investments, it said.

BBVA said that during a gradual roll-out it had detected a "significant desire" among investors for crypto-assets or digital assets to diversify their portfolios despite their volatility and high risk, BBVA Switzerland's Chief Executive Alfonso Gomez said in statement.

The trading service comes amid growing institutional interest in bitcoin. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps.

El Salvador has become the world's first country to adopt bitcoin BTC=BTSP as legal tender even though central banks globally have repeatedly warned that investors in the cryptocurrency must be ready to lose all their money.

Major economies, including China and the United States, have signaled in recent weeks a tougher approach, while developing plans to develop their own central bank digital currencies.

In May Goldman Sachs GS.N revealed details of a cryptocurrency trading group, according to a staff memo seen by Reuters.

On Friday, BBVA said it was limiting this new cryptocurrency service to Switzerland because the country has clear regulation and widespread adoption of digital assets.

"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," it said.

BBVA is present in Switzerland through a fully owned franchise, focused on international banking services.
Reporting by Jesús Aguado; Editing by Emma Pinedo and Jan Harvey

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.