Switzerland's arm of Spain's second-largest bank BBVA, BBVA Switzerland, has announced the launch of bitcoin (EXANTE: Bitcoin) services for its clients starting June 21. The bank will offer not only trading, but also custody services. The list of cryptocurrencies is expected to be extended later.
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Alfonso Gómez, CEO of BBVA Switzerland, says the bank has found a "significant desire among investors" for cryptocurrencies as a way to diversify their portfolios. With the client's personalized cryptocurrency wallet, the cryptocurrency can be converted into euros or any other currency, supported by BBVA Switzerland and vice versa. The bank said it operates with "several sources for converting cryptocurrencies," however, it remains unclear what platforms provide liquidity for the bank.
BBVA said it decided to offer new services only in its Swiss arm, as Switzerland has an ecosystem where clear regulation and widespread adoption of cryptocurrencies.
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