BBVA Offers Spanish Crypto Market with Retail Service Launch

Summary

• Retail Crypto Services Launch: BBVA secures regulatory approval to offer Bitcoin and Ethereum trading to retail customers in Spain through its mobile app, marking a significant expansion of crypto access in the country.

• Building on Crypto Experience: This Spanish launch leverages BBVA’s prior experience in Switzerland and Turkey, incorporating self-custody solutions and building upon a history of blockchain innovation and partnership with Ripple.

• Secure and Compliant Access: BBVA’s service adheres to the EU’s MiCA regulations, emphasizing investor protection and offering a secure and user-friendly platform for managing crypto assets directly within the bank’s trusted ecosystem.

Spain’s financial sector is bracing for a significant transformation as banking heavyweight BBVA has received regulatory green light to roll out cryptocurrency services to everyday investors. This bold move empowers the bank to tap into the rising tide of digital asset interest across Spain, the world’s 14th largest economy.

Initially, BBVA will spearhead its crypto push by offering trading in Bitcoin and Ethereum, the reigning cryptocurrency giants. They will weave these services into the fabric of their existing mobile app, handing customers seamless entry into the crypto arena. However, this is not BBVA’s first experimentation with digital currency. The bank has been exploring crypto tech’s potential for years.

Around 2017, BBVA carved out a pioneering position in blockchain adoption by harnessing Ripple’s tech to complete a groundbreaking international payment between Spain and Mexico. Ripple’s Marcus Treacher has lauded BBVA as one of the very first banks to embrace the Ripple network. Furthermore, in 2018, BBVA showcased its wider blockchain vision by experimenting with Ethereum, placing a syndicated loan onto that blockchain.

Leveraging Experience and Ensuring Security from Crypto

BBVA initiated its direct crypto services journey in 2021 through its Swiss arm, launching Bitcoin trading for its private Swiss banking clientele.

Solidifying its crypto infrastructure, in 2023, the Swiss branch shifted its custody services over to Harmonize, the platform crafted by Metaco—a company Ripple acquired for a hefty $250 million earlier that same year.

Extending its crypto strategy globally, Garanti BBVA, the bank’s Turkish division, teamed up with Ripple last October to deliver digital asset custody solutions.

Before this collaboration, BBVA’s crypto app had already onboarded XRP, Ripple’s own cryptocurrency, alongside a curated selection of others.

Adhering to the Markets in Crypto Assets Regulation (MiCA), a European Union framework designed to govern crypto services and fortify investor safeguards, BBVA has formally notified the Spanish CNMV.

Now, the bank gears up to unleash a comprehensive service in Spain, enabling all customers to securely buy, sell, and manage Bitcoin and Ether directly through their familiar banking app.

The launch will start with a select group of users, before gradually opening up to all Spanish retail customers in the months ahead.

This strategy builds upon BBVA’s hard-won experience in Switzerland and Turkey, where they have operated similar crypto services since 2021 and 2023, respectively.

Spanish customers will gain complete command over their cryptocurrency trades right within their unified app environment, smoothly integrated alongside their usual banking, savings, and investment activities.

This unified approach fuels BBVA’s broader digitization goals and aims to provide a fluid and intuitive digital banking experience.

A defining characteristic of BBVA’s fresh service is its commitment to self-custody, deploying its own cryptographic key management system.

This gives BBVA direct command and oversight of client crypto security, minimizing reliance on external custodians.

Also Read: The Spanish City of Torrevieja Aims to Lead the Way in Crypto-Friendly Policies 

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