Cryptocurrency

Swiss banking giant finally offers bitcoin services to its customers

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BBVA Switzerland, one of the world’s largest banks, took six months of testing before finally rolling out its Bitcoin services in Switzerland.

The bank has officially announced that its Bitcoin trading and custody services will be available for private banking clients starting June 21. 

BBVA Bank is one of the latest banks to embrace cryptocurrency, specifically bitcoin, and this adoption is quickly happening in various parts of the world. 

Gradual roll-out

But even with the bank’s optimism towards Bitcoin, it didn’t make a big, bold, and drastic jump on the cryptocurrency. Instead, it gradually rolled out its Bitcoin-centric system to gauge public interest and to see if additional improvements are needed. 

According to BBVA CEO, Alfonso Gomez, the gradual roll-out enabled the bank to test the limits of its crypto service, and improve its security. 

Not only that, it gave them a clear picture of whether investors have a high interest in diversifying on Bitcoin even with its volatile nature. 

BBVA’s bitcoin service

BBVA Switzerland’s Bitcoin service is an advanced application that allows investors to monitor their Bitcoin transactions and hold their other digital assets in the same investment portfolio. 

Apart from this service, the bank is now in the planning stage of introducing digital wallets that allows users to convert between bitcoin and their preferred currencies. 

BBVA said that it wants its digital wallets to convert currencies without delays and liquidity, which are currently the biggest problems that most crypto wallets are facing. 

The bank’s latest crypto initiative is part of its bigger plan to make a significant presence in Switzerland’s crypto industry. 

And with the introduction of its bitcoin service, the bank sets its sights on more innovative crypto services in the future. 

 

Image courtesy of Cointelegraph News/YouTube 

Jet Encila

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Jet Encila

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