BBVA Switzerland has announced the opening of its first crypto-asset trading and custody service for its private banking clients.

The new service, which was launched today, is only available in Switzerland. The financial services company said this was because Switzerland has clear regulation and widespread adoption of digital assets.

It added that the extension of the service to other countries and types of customers “depends on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation.”

For the time being, the Swiss arm will offer bitcoin trading only. But the company plans to extend the service to other cryptocurrencies.

BBVA does not plan to offer advice on these types of investments.

BBVA clients in Switzerland will be able to access its bitcoin management system via the company app. Through a personalised digital wallet, bitcoins can automatically be converted into euros or other current currency and vice versa.

“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” explains Alfonso Gómez, CEO of BBVA Switzerland. "We are bringing the quality of banking service to the fledgling world of crypto assets."

Gómez added: “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology. Over the coming months, we will continue to enhance and expand the digital asset offering,” he adds.

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