BBVA’s New Bitcoin and Ethereum Services

Spain’s second largest bank, BBVA, has announced new moves regarding Bitcoin (BTC) and Ethereum (ETH).

BBVA officially opens trading and custody services for these cryptocurrencies to retail customers via its mobile application. Customers can now buy, sell, and store Bitcoin and Ethereum seamlessly through the BBVA app.

The bank indicated plans to offer additional cryptocurrencies and tokenized products beyond BTC and ETH in the future.

BBVA President Gonzalo Rodriguez stated:
> “We want to make it easier for our retail customers in Spain to invest in cryptocurrencies through a simple and easy-to-access digital solution on their mobile phones. Our goal is to support them as they explore digital assets, backed by the strength and security of a bank like BBVA.”

The new infrastructure demonstrates BBVA’s compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations, enabling them to provide crypto services within the EU legal framework.

In a report from June, BBVA recommended that wealthy clients allocate 3% to 7% of their portfolios to cryptocurrencies. BBVA initially engaged in cryptocurrency services through private banking in Switzerland, with its Turkish subsidiary Garanti BBVA Crypto launching in 2023.

Currently, Garanti BBVA Crypto offers services for Bitcoin (BTC), Ethereum (ETH), USDC, Avalanche (AVAX), Solana (SOL), XRP, Arbitrum (ARB), and Chiliz (CHZ).

*This is not investment advice.