In the news released on Friday, BBVA Switzerland stated that the services to be provided will be available to all private banking customers from Monday, June 21. It has been only 6 months since BBVA opened in Switzerland and it is extremely important that this important development is realized in this short time frame.
Alfonso Gomez, CEO of BBVA Switzerland, said of the development:
This gradual transition allowed BBVA Switzerland to test its service operations, strengthen security and, above all, identify a significant desire among investors for crypto assets as a way to diversify their portfolios despite the high risk and volatility.
The bank will currently only support bitcoin. However, it is aimed to provide services for other cryptocurrencies in the future. Regarding the launch of services in other countries, BBVA Switzerland said this will depend on maturity, demand and regulation in those markets.
BBVA said bitcoin services are new as clients can manage their investments alongside traditional assets in the same portfolio.
The statement from BBVA is as follows:
Customers who want to exchange their bitcoin for fiat or vice versa can do so “without delays and illiquidity affecting other digital wallets or independent brokers.
This is due to the bank reportedly working with “various sources they have not disclosed” to convert cryptocurrencies.
BBVA's services come concurrently with more major banks opening up to the crypto space.
In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and other financial institutions have taken action to provide crypto services to their clients.