BBVA, the second-largest bank in Spain is reportedly planning to launch crypto trading and custody services. Several sources revealed that they are planning to launch it in the next few months. This has been reported on Monday, December 08, 2020, and these plans have been revealed by the ones who are familiar with this matter. They stated that BBVA will be offering the services from Switzerland and is currently available waiting to get the regulatory approval. This service will be launched all over Europe.
BBVA Might Rollout Crypto Trading By Next Month
According to the people familiar with this matter, BBVA might be rolling out these services by the next month. Even though there are not any official comments from the bank, the rumours claim that it is integrating SILO like a custody solution for digital assets.
A few months back, BBVA was working on its integration with SILO which was built by Avaloq and METACO. There are not any comments from these firms either. As there are several processes that the project needs to go through, the project will be launching anytime near Christmas 2020.
First Financial Institution to Merge Public and Private Blockchains
As per the earlier records, BBVA is not new to the crypto industry and the firm completely believes in crypto innovation. It is believed to be among the first financial institutions that have merged both public and private blockchains. The bank has done this in July 2018 for live transactions. During that time, the bank has faced several difficulties due to the kind of regulatory framework in Europe. Now, this step by the bank is another milestone in the crypto industry for any financial institution. Over the past several years, the crypto industry has evolved to a great extent and a lot of huge developments have been made in this sector.