BBVA will enter the market for the sale and custody of cryptocurrencies in January, debuting with bitcoins

BBVA will debut next year with cryptocurrencies in the portfolio. The Spanish banking entity has announced that from January 2021 it will gradually launch a service for both the sale and custody of digital assets.

This service, which will have "all the guarantees of any other financial service" as explained by the bank, going to start only with bitcoins. Despite having planned the management of other cryptocurrencies, they will debut with this digital currency "because it is the most accepted" and will do so through BBVA Switzerland.

BBVA's cryptocurrency purchase, sale and custody service will start with bitcoins, although it will open to other virtual currencies

Switzerland as a launch site for its "advanced" regulation of digital assets

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The reason for employing its Swiss subsidiary until now fully dedicated to international private banking services, the entity emphasizes, It is due to the fact that this country has advanced regulation on the matter and a significant adoption with numerous companies dedicated to the blockchain. This is adequate to launch these services, they say.

The evolution of blockchain-related technology and a greater demand for services linked to cryptocurrenciesThey argue that they have made BBVA consider that the time is right to explore its first offering aimed at managing digital assets.

This launch also comes at a sweet new moment for Bitcoin.

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In addition, the launch of this service comes when the entity accumulates five years of experience in the application of blockchain in areas such as international payments, corporate finance or capital markets. In Turkey, for example, your local bank has joined the network blockchain of the country and, in Spain, it has participated with other entities in the first proof of concept of the banking sector for the deployment of an inferbanking platform in which the payment execution could be deployed on the blockchain.

The launch also comes at a new sweet moment for Bitcoin in which it breaks records increasing its popularity again.