BBVA, a leading Spanish financial institution, is set to launch a cryptocurrency trading platform that will enable its customers in Spain to buy, sell, and manage Bitcoin and Ethereum directly through their mobile application.
As Spain’s second-largest bank by asset volume, BBVA is preparing to introduce a new cryptocurrency trading service that will allow customers to purchase and handle the two largest cryptocurrencies by market cap, Bitcoin (BTC) and Ethereum (ETH).
A press release issued on March 10 revealed that the banking giant will initially offer the service to a limited number of users, with intentions to broaden access to all private clients in the forthcoming months. This initiative comes after BBVA fulfilled the regulatory requirements under the Markets in Cryptoassets Regulation (commonly known as MiCA), with oversight from Spain’s financial authority.
In Spain, customers will be able to manage their cryptocurrency transactions alongside their traditional banking activities, as confirmed by the bank. BBVA plans to utilize its own custody platform for managing cryptographic keys, thereby eliminating reliance on third-party providers.
“We strive to make the investment process in cryptoassets easier for our customers by providing a straightforward and user-friendly service directly from their mobile devices, entirely in a digital format. Our objective is to assist them as they explore this new realm of digital assets, backed by the trust and security assurances of a banking institution like BBVA.”
Gonzalo Rodríguez, head of retail banking in Spain
BBVA has successfully rolled out similar services in Switzerland and Türkiye, having launched crypto trading in 2021 and 2023, respectively. In Türkiye, Garanti BBVA offers custody services for a variety of cryptocurrencies. Furthermore, in Switzerland, its local branch began Bitcoin trading in 2021, later adding Ethereum and Circle’s USD Coin (USDC) to its offerings.
