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BBVA Spanish Bank Opens Its Doors to Cryptocurrency

BBVA Spanish Bank Opens Its Doors to Cryptocurrency
  • The BBVA Spanish bank enters the cryptocurrency space.
  • BBVA partners with Metaco for a comprehensive management system.

The BBVA Spanish bank is now studying the possibility of integrating cryptocurrency into its banking system. As a result, the first step of its crypto offering begins in Switzerland, a crypto-friendly country. If this project goes well, the bank predicts that it can open its crypto service in the next month.

However, due to the strict regulations that the European government presses on the banks in terms of crypto integration, BBVA might have a hard time completing the project. This made the BBVA managing director of corporate and investment banking, Alicia Pertusa react by saying:

We do think that regulators are evolving in the way they look at cryptocurrencies and in this case in particular we have talked with our regulators.

Pertusa further added that their regulators were able to realize the benefits of their project. ‘’They understand very well that the use of gas and ether in this kind of network is very different from the speculation of cryptocurrencies,” she stated.

On the other hand, BBVA partners with Metaco, a firm that provides financial institutions the ability to tokenize their assets. This partnership enables the bank to have a comprehensive management system across various cryptocurrencies and smart contracts.

Moreover, BBVA is not the first bank to integrate their system with cryptocurrency and blockchain. Many Australian banks are now using blockchain technology to offer digitized bank guarantees.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.