Bitcoin, which was trading for $40K levels, has come down to the $36K mark at present. The largest cryptocurrency in the world seems to go through huge bouts of volatility. However, it has not stopped Bitcoin from remaining the top choice for businesses and financial institutions who want to jump on the crypto bandwagon. Due to the massive price appreciation of Bitcoin, the flagship cryptocurrency has not become one of the most influential asset classes, but it has opened the floodgates for other similar projects.
The Banco Bilbao Vizcaya Argentaria or BBVA is a banking enterprise based in Madrid, Spain. The bank is considered to be the second-largest banking services provider in the region. After debating the question of crypto facilitation for more than six months, the management has finally reached a verdict. The good news is that the banking giant has decided to rule in favor of crypto markets.
BBVA has Included All the Necessary Bitcoin Trading Apparatus in their Mobile Banking Application
BBVA, the bank of Spain, is opening up for business for the Bitcoin community. In the beginning, only the private clients of the banks would be able to use these services. It means that the bank would not support any commercial crypto accounts for entities like exchanges, analytics, or brokerage services. Moreover, in the initial stages, the services are limited to the region of Switzerland only.
According to bank officials, the government of Switzerland has already taken steps to introduce proper cryptocurrency regulations under their jurisdiction. The crypto services would start from June 21, 2021. In the beginning, the bank would provide Bitcoin trading and custodial accounts. The official mobile application of the bank has also fully integrated Bitcoin specifications alongside other funds.
BBVA Officials Told Media that They Want to Offer their Consumers more Diversification Options
In a recent press release, the bank officials of BBVA told the media that the main reason for voting in favor of Bitcoin is the rising popularity of the flagship cryptocurrency among their clients. It was also remarked that with Bitcoin custodial services, the clients would have the option to diversify their investment portfolio. Other cryptocurrencies can be added to the list later on.
With the new crypto features of the BBVA banking application, the clients would have the option to convert their reserves into Euro, US dollar, and other fiats at any given time. In this manner, the line of distinction between traditional and neo monetary management could be blurred.