Second-Largest Bank in Spain To Offer Bitcoin (BTC) and Ethereum (ETH) Trading Services: Report

Spain’s second-largest bank is planning to roll out trading services for Bitcoin ( BTC ) and Ethereum ( ETH ).

In a new announcement, Banco Bilbao Vizcaya Argentaria (BBVA) says it has obtained the necessary approvals from the country’s securities regulator, the National Securities Market Commission (CNMV), to offer its customers trading services for the top two digital assets by market cap.

The services will roll out in phases in the coming months.

Says BBVA,

“The bank is set to launch a new service, accessible to all its customers, enabling them to securely buy, sell and manage Bitcoin and Ethereum transactions through its app. Initially, the service will be rolled out to a small group of users and gradually extended to all private customers in Spain over the coming months. This initiative builds on the bank’s experience in Switzerland and Turkey, where similar services have been offered since 2021 and 2023, respectively.”

BBVA also says Spain customers will have the ability to trade their crypto via the same app the bank’s customers currently use for their traditional banking activities.

“This approach enables the bank to deliver an integrated and seamless experience across its digital channels while advancing its digitization strategy. A key distinguishing feature of the new service is that BBVA will utilize its own cryptographic key custody platform, allowing the bank to maintain full control over safeguarding its customers’ crypto assets without relying on third parties.”

Says Gonzalo Rodríguez, head of BBVA’s retail banking in Spain,

“We want to make it easier for our customers to invest in crypto assets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner. Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA.”

Generated Image: Midjourney