By Oisin Sweeney • 08 December 2020 • 9:11
The bank is Spain's second largest after Santander - Image Source: Twitter
SPAIN’S SECOND largest bank, BBVA, is to offer customers cryptocurrency trading services early in the new year as institutions worldwide adapt to the blockchain revolution.
BBVA, whose net assets stand at almost 700 billion euro, is expected to launch its new cryptocurrency services shortly after Christmas. The Bilbao based institution, which operates worldwide, will give its millions of customers the opportunity to easily buy, sell, and store cryptocurrencies as the value of Bitcoin and others steadily rise.
Their crypto operation will be based in Switzerland, which has high levels of clarity and digital currency regulation in comparison to Spain or other European countries. BBVA was already one of the first major banks in the world to complete transactions using blockchain technology as early as July 2018, paving the way for its new crypto platform today.
Although initially hostile to cryptocurrencies, banks across the globe are now adapting their services as Bitcoin and other capture headlines with their soaring values. DBS, the largest bank in Singapore, has announced its plans to create a major crypto trading platform while many banks in Eastern Europe are reportedly ahead of the game in the e-currency revolution. Bitcoin recently hit its peak value at just under $20k per coin, causing many investors to pour money into cryptocurrencies worldwide.
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Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...
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