Another commercial bank, BBVA (this time from Europe) decides to step into the digital world’s arena. Two men associated with the bank revealed the bank’s future plans of rendering cryptocurrency trading and custodian services.
BBVA is currently 2nd largest bank operating in Spain and has over US$840 billion worth of assets under its management and control. As per the news source, the commercial bank intends to launch crypto trading and custodian services.
The news suggested that BBVA will first launch its crypto services from Switzerland. The idea behind the initiation of the services from Switzerland had been explained to be twofold. Firstly the rules and regulations applicable in Switzerland on cryptocurrencies and their by-products are comprehensive and broad. Secondly, the Swiss Regulator such as Financial Market Supervisory Authority (FINMA) is relatively more inclined to support the crypto industry.
A rumor suggested that after the initiation of crypto services in Switzerland, crypto-services will then be rendered within the whole European region by BBVA. The said rumor was also noted and reduced in writing by a highly regarded crypto news source, CoinDesk.
One of the men who revealed BBVA’s plans told CoinDesk that for the time being BBVA does not intend to launch crypto services instantly. However, more likely the services will be sent live in the first or second month of 2021, he added. But currently, the bank is awaiting certain approvals which were to be issued by FINMA and may take some time. The source also denied any tokenized securities offerings by the bank for the time being. However, he told specifically that the current plan is to render cryptocurrency trading and custodian services only.
When CoinDesk contacted BBVA for seeking its comments on the news, the bank opted to remain quiet.
Meanwhile, another revelation suggested that same type of services were already initiated by BBVA in Russia under the initiative called “SILO”. It was told that BBVA and Gazprombank of Russia had collectively launched SILO for rendering crypto trading and custodian services. The said services of SILO can also be accessed in Switzerland because the services were sent live in 2020.
However, the other source suggested that BBVA’s crypto services in Switzerland will be initiated on the occasion of Christmas. He also suggested that due to the non-availability of certain approvals, the project has been delayed.
The story is still continuing.