BBVA Spain, the second largest bank in the country, will soon launch crypto services. The world of crypt coins is evolving.
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BBVA Spain, true to its commitment to innovation, will launch crypto services. Indeed, it has around $840 billion in assets.
In fact, it is ready to enter the space of trade and custody of cryptosystems.
According to a source, the project would be carried out from BBVA’s office in Switzerland. However, due to complex regulation by the country’s Financial Market Supervisory Authority (FINMA), implementation of the services would begin outside Switzerland.
„From Switzerland, BBVA is launching its crypto service throughout Europe“.
He added: „There are still some compliance obstacles, so this will not be in December. But, I hope that BBVA will be active next month“.
Another source said: „The crypto service will probably be launched around Christmas. There are still regulatory problems to be solved“.
He also said: „The project has to go through several processes to get the green light and become a reality“.
Now in Switzerland you can pay your taxes with crypto currencies
BBVA to launch crypto services
Referring to whether they were building their solution primarily to deal with tokenised values, they emphasised that: „This is a cryptomoney offering“.
In addition, they indicate that BBVA Spain has integrated Immediate Edge the same custody solution for cryptomonies, called SILO. The same one used by Gazprombank, the third largest bank in Russia.
As a reminder, about six months ago, BBVA began work on the integration of the SILO custody platform. Specifically, it was built by the central banking software provider Avaloq and the Swiss specialists METACO. Both companies are located in Switzerland.
In these circumstances, SILO provides financial institutions with a storage service.
METACO, the provider of digital security infrastructure, is working on an institutional custody solution with Standard Chartered, based in London.
However, Alex Manson, director of companies at Standard Chartered, said the company had invested in METACO to improve the underdeveloped market infrastructure surrounding crypto-currencies.
Gazprombank can now run Bitcoin at its Swiss branch
The bank in the past
It should be noted that in January 2015, BBVA was one of the first banks to invest in Coinbase. In fact, through its venture capital fund BBVA Ventures.
In 2017, BBVA’s former Chairman and CEO, Francisco González, said that Blockchain technology would change the rules of the game in banking.
By the way, in April 2018, BBVA and the Spanish company Indra announced the first operation that facilitated the negotiation and signing of a corporate loan. Precisely, using Blockchain.
Basically, in July 2018, BBVA was one of the first financial institutions to combine public and private Blockchain in a live transaction.
In effect, BBVA had to err on the side of caution and use a test network. Because banks in Europe, were forbidden to have ETH, the native cryptomoney of Ethereum.
Similarly, in the execution process, the bank had to address the lack of legal and regulatory clarity on whether it could have the cryptomoney necessary to trigger a transaction at Ethereum.
However, BBVA chose to comply with the recommendations of the European Banking Authority (EBA) and not to use ETH.
At the time, Alicia Pertusa, BBVA’s managing director of corporate and investment banking, said: „According to the EBA’s 2014 recommendations, European banks are discouraged from owning, buying or selling cryptomonies“.
To conclude, we believe that we are evolving in the way we view cryptomonies. So what do you think about BBVA Spain launching crypto services? Leave us your opinion in the comment box.
I say goodbye with this sentence by Adriana Montero Palma: „Keep going despite everything“.