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Banking giant, Banco Bilbao Vizcaya Argentaria (BBVA) will begin offering cryptocurrency services to its customers. According to a recent press release, millions of the bank’s Switzerland customers will now be able to enjoy Bitcoin trading and custody services.
The announcement states that the new service will start on June 21 and would be exclusive to interested digital asset investors among the company’s private banking clients in Switzerland. Although the offer would only cover Bitcoin for now, BBVA intends to expand the offering to other cryptocurrencies.
According to the release, BBVA has been testing this offering with a selected group of users for six months. BBVA Switzerland CEO Alfonso Gomez stresses that the gradual roll-out has allowed the company to test service operations and also strengthen security. Gomez specifies that it also helped BBVA “detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios.” The CEO says investors are interested despite crypto’s volatility and high risk.
BBVA’s bitcoin management system would be embedded in the company’s app. This would allow all customers to view their crypto portfolios, alongside other assets, investments, or general funds. The bank however warns that it would not offer advice on crypto investments.
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