BBVA to launch crypto custody and trading service, reports say

One of Spain’s largest banks, Banco Bilbao Vizcaya Argentaria (BBVA), with assets of $840 billion, plans to enter the cryptocurrency market. CoinDesk reports this, citing sources.

According to them, BBVA will launch a service for trading and custody of digital assets in Switzerland. The choice is driven by the relatively clear requirements of the local financial regulator FINMA. In the future, the bank will roll out the service across all European countries.

“There are still some questions related to legal compliance, so this [service launch] will not occur in December. But I expect that they will launch next month,” said the source.

He clarified that this concerns cryptocurrencies, not tokenized securities.

In 2017, BBVA tested Ripple’s technology in a trade between Spain and Mexico.

In 2018, the bank issued a $150 million syndicated loan and recorded the deal details on the blockchain.

Earlier in November, the Spanish payments operator Iberpay announced the next phase of the Smart Money initiative. It envisages issuance and redemption of tokenized money with leading banks in the country.

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