The Swiss branch of the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) will start providing Bitcoin storage and trading services to its private clients on June 21.
Initially, the offer will only apply to Bitcoin, but other cryptocurrencies are planned to be added in the future. At the same time, the bank warned that its new service will not provide any consulting services on investments in crypto assets. With Bitcoin becoming part of the bank’s investment directory, private clients at BBVA Switzerland will be able to view the performance of their Bitcoin positions alongside traditional financial assets.
This will be possible by integrating a special service into a banking application. According to the BBVA statement, the bank’s clients will have no difficulty in compiling tax reports. In addition, they will be able to automatically convert bitcoin to fiat currencies and vice versa to prevent losses due to the volatility of the BTC rate.
BBVA Switzerland CEO Alfonso Gómez said the bank launched the service after testing that lasted about six months. During the tests, the bank’s specialists were able to better understand the risks associated with cryptocurrencies.
According to Gomes, the service will determine how much bitcoin will be of interest to the bank’s clients as a tool for diversifying their investment portfolio, despite the high level of risk and volatility of cryptocurrencies. The determining factor why the bank decided to provide such services in Switzerland was the country’s friendly attitude towards the cryptocurrency industry.
In May, the Swiss bank UBS also announced its readiness to provide its clients with the opportunity to invest in cryptocurrencies. Another local bank, Sygnum, announced this week the upcoming launch of DeFi token trading and custody services for institutional investors.
