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Spain’s 2nd Largest Bank BBVA Will Offer Cryptocurrency Trading

Spain’s second largest bank BBVA (Banco Bilbao Vizcaya Argentaria) will begin to offer Cryptocurrency trading and custody in early 2021.  Banco Bilbao Vizcaya Argentaria will being offering it’s crypto trading out of Switerzland.  Switzerland has already set up rules and regulations around cryptocurrencies set by FINMA. The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland.

The FINMA is an independent institution with its own legal personality based in Bern.  It is institutionally, functionally and financially independent from the central federal administration and the Federal Department of Finance and reports directly to the Swiss parliament.

BBVA is rumored to have integrated the same custody solution for digital assets, called SILO, as Russia’s Gazprombank.

Back in 2017, BBVA completed the first real-life implementation of an international money transfer using Ripple’s new Distributed Ledger Technology (DLT). The transaction, running on BBVA infrastructures with real money, successfully completed transfers between Spain and Mexico in a matter of seconds.

 

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