- New Offering from BBVA
- Enhancement of Digital Asset Services
- Competition in the Crypto Services Market
The Spanish multinational banking giant BBVA has begun offering Circle’s USDC stablecoin to its high-profile clients in its Swiss division.
New Offering from BBVA
BBVA’s institutional and private banking clients in Switzerland can now manage USDC alongside their traditional investments on a single platform. These clients can exchange, custody, and convert USDC into euros, U.S. dollars, or other currencies.
Enhancement of Digital Asset Services
USDC is the third cryptocurrency added to BBVA’s digital asset service in Switzerland. The addition of the stablecoin aims to enhance transaction efficiency for its institutional clients, such as investment fund managers, who utilize stablecoins for trading cryptocurrencies across multiple exchanges. BBVA launched its digital asset service with Bitcoin and Ether in 2021. In late 2023, the bank upgraded its custody capabilities by migrating to Metaco’s Harmonize platform to support connectivity with other blockchain networks.
Competition in the Crypto Services Market
BBVA's move comes as Switzerland’s fourth-largest financial institution, Zurich Cantonal Bank (ZKB), recently launched crypto-focused services for its customers. These services, integrated into the banking’s eBanking and Mobile Banking platforms, allow 24/7 cryptocurrency trading.
BBVA sets itself apart among major European banks by providing its clients with a robust offering and innovative opportunities to exchange value in the digital space.
Comments