[ad_1]
Representations of the Bitcoin cryptocurrency can be seen in this illustrative photo taken on June 7, 2021. REUTERS / Edgar Su / Illustration / File Photo
MADRID, June 18 (Reuters) – Spain’s BBVA (BBVA.MC) announced on Friday that it was launching a bitcoin trading service for private banking clients in Switzerland interested in investing in digital assets.
The bank said the new business, launched on June 21, will include bitcoin trading and custody services, with the goal of expanding it to other cryptocurrencies. He would not offer advice on these types of investments, he said.
BBVA said during a gradual rollout it detected a “strong desire” among investors for cryptoassets or digital assets to diversify their portfolios despite their volatility and high risk, the managing director said. of BBVA Switzerland, Alfonso Gomez, in a statement.
The trading service operates in a context of growing institutional interest in bitcoin. The biggest cryptocurrency is viewed by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps.
El Salvador became the first country in the world to adopt bitcoin as legal tender, even though central banks around the world have repeatedly warned that cryptocurrency investors must be prepared to lose all of their money. Read more
Major economies, including China and the United States, have signaled a more stringent approach in recent weeks, while making plans to develop their own central bank digital currencies.
In May, Goldman Sachs (GS.N) revealed details of a cryptocurrency trading group, according to a memo viewed by Reuters. Read more
BBVA said on Friday that it was limiting this new cryptocurrency service to Switzerland because the country has clear regulations and widespread adoption of digital assets.
“Its expansion to new countries or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation,” he said.
BBVA is present in Switzerland through a 100% owned franchise, focused on international banking services.
Reporting by Jess Aguado; edited by Emma Pinedo
Our Standards: Thomson Reuters Trust Principles.
[ad_2]
picture credit