The second largest bank in Spain is preparing to launch services related to cryptocurrencies.
The bank in question is “Banco Bilbao Vizcaya Argentaria”, symbolized by the abbreviation “BBVA”, which is the second largest bank in Spain and one of the largest and most prestigious international banks, with the value of the assets managed by this bank about 840 billion dollars.
According to reliable sources, "BBVA" is preparing to enter the field of cryptocurrency trading and custody.
Where the source indicated that the Spanish bank will begin offering cryptocurrencies from Switzerland.
Switzerland was chosen because of its clear regulations and relatively comprehensive rules around digital assets, set by the Swiss Financial Market Supervisory Authority (FINMA).
Services related to encrypted digital currencies will be provided from Switzerland, primarily targeting Europe, as the source stated the following:
BBVA will launch the European crypto initiative from Switzerland.
There are still some hurdles to comply so this won't be in December, but BBVA is expected to start next month.
It is rumored that "BBVA" bank previously incorporated the same digital asset preservation solutions, called "SILO" into its services, which is used by the Russian bank "Gazprom".
About six months ago, BBVA began working on integrating cryptocurrency custody services with the help of the services provided, called “SILO,” created by basic banking software provider “Avaloq” and Swiss cryptocurrency specialists “METACO”.
Avaloq and METACO declined to provide any comments on the plans of "BBVA".
Another source indicated that the project will likely appear at the end of the current year and enter the next year, due to some organizational problems that must be settled.
BBVA Bank and Crypto Solutions:
BBVA is no stranger to the crypto market.
The bank was among the first financial institutions to combine public and private blockchain networks in a direct transaction in July 2018.
However, this recent upward movement on the part of the bank shows the maturity and development of the crypto market, to reconsider it and the possibility of entering it at the beginning of next year.
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