BBVA introduces bitcoin and ether trading and custody services in Spain
BBVA has recently introduced its cryptocurrency trading and custody services in Spain, allowing all legal-age retail customers to participate in bitcoin and ether trading. Launched in conjunction with filing disclosures to the National Securities Market Commission (CNMV), the service has been gradually rolling out over the past few weeks to provide customers with a seamless and integrated platform within the BBVA app.
The new service enables customers to engage in trading activities directly within the BBVA app, offering a user-friendly environment that integrates cryptocurrency trading with the bank’s other financial services. Through this initiative, BBVA aims to offer a fully digital experience to its retail customers in Spain, allowing them to buy, sell, and hold bitcoin and ether with ease.
In compliance with the European Regulation on Markets in Crypto-Assets (MiCA), which governs the issuance and provision of crypto-asset services within the European Union, BBVA’s cryptocurrency service provides additional safeguards and investor protection measures. While the bank refrains from offering investment advice on these assets, customers can access the service exclusively through the app, ensuring a customer-initiated approach.
Gonzalo Rodríguez, Head of Retail Banking for Spain at BBVA, emphasizes the bank’s commitment to supporting customers in exploring digital assets by providing a secure and accessible solution on their mobile devices. With a focus on offering a smooth and convenient investment experience, BBVA seeks to leverage its expertise and secure infrastructure to enhance customer engagement with digital assets.
BBVA’s extensive experience in blockchain technology spans over a decade, culminating in the launch of a bitcoin trading desk and custody service for private banking clients in Switzerland in 2021. The service was later expanded to include Ether and the stablecoin USDC. Subsequently, Garanti BBVA in Turkey established a specialized company in 2023, offering a diverse range of crypto-assets such as Bitcoin, Ether, USDC, Solana, XRP, AVAX, and Chiliz. Building on this success, Spain now represents the third market where BBVA is expanding its digital assets services, underpinned by a robust and compliant infrastructure.
Francisco Maroto, Head of Digital Assets at BBVA, highlights the bank’s strategic vision to grow its digital assets business across different markets and asset classes. BBVA’s commitment to innovation and digitization drives its efforts to provide customers with a comprehensive suite of investment and transaction solutions, encompassing both digital and traditional assets.
Overall, BBVA’s launch of cryptocurrency trading and custody services in Spain underscores its dedication to offering modern and innovative financial solutions to meet the evolving needs of its customers. By introducing a seamless and user-friendly platform for digital asset trading, BBVA continues to position itself as a leader in the digital banking space.
