Spanish multinational banking giant BBVA has begun offering Circle’s USDC stablecoin to its high-profile clients via its Swiss arm.
New Service for Swiss Clients
BBVA’s institutional and private banking clients in Switzerland can now manage Circle’s USD Coin (USDC) alongside traditional investments on the same platform, according to a Sept. 9 press release.
Benefits for Institutional Clients
The new feature aims to improve efficiency for institutional clients, such as investment fund managers, who use stablecoins to trade cryptocurrencies across various exchanges. Philippe Meyer, BBVA Switzerland’s head of digital solutions and blockchain, noted that institutional clients need options to guarantee the assets they manage.
Harmonize Platform and Future Plans
The bank’s move follows its 2023 migration to Metaco’s Harmonize platform, a blockchain infrastructure provider owned by Ripple. The platform allows clients to connect to multiple blockchain networks, enabling more streamlined transactions.
In conclusion, BBVA is continually expanding its services in the crypto space by offering new ways for clients to manage their assets. The bank plans to further adapt its offerings based on client needs.
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