Another major bank has revealed plans to step into the industry of cryptocurrencies. The second-largest bank in Spain BBVA is going to enter into digital asset trading and custody. According to some sources close to the matter, BBVA will soon be launching cryptocurrency trading services. Alongside trading services, the bank also plans to launch custodial services for cryptocurrencies as well.
Spanish bank to begin offering crypto services very soon
According to two people that are well familiar with the bank’s plans, the Spanish bank was expected to launch cryptocurrency services later in the month of December this year. One of these sources said that they are still encountering some issues or you can say hurdles related to compliance due to which the launch of this cryptocurrency offering is not going to occur this month. However, the source said that the Spanish bank is set to start offering digital currency services next month.
Furthermore, the sources also clarified that this offering is clearly for digital currencies and not a solution that the bank is developing for dealing with tokenized securities. They said that the bank will launch this cryptocurrency initiative from Switzerland. The Financial Market Supervisory Authority (FINMA) of the country has already made out some strict rules for cryptocurrencies.
While talking about this cryptocurrency project, the second source close with this matter said that the bank still needs to clear regulatory issues out there in the country before the official rollout of these crypto services. Adding more to it, the source said that In order to receive a green signal for launching this cryptocurrency project, the bank has to go through various crucial processes. However, the second source also said that the launch of the project is expected to occur “around Christmas”.
BBVA might have integrated the SILO custody solution
As the major Spanish bank is also providing custodial services for digital currencies along with trading services, it is likely to offer a custodial solution for cryptocurrencies. Rumors are spreading that the bank might have integrated the SILO custody solution for its new cryptocurrency offering. It is the same custody solution that was recently integrated by the private-owned bank Gazprombank which is the third-largest bank of Russia in terms of assets. Gazprombank’s cryptocurrency offering has already gone live in the country of Switzerland.
With the launch of cryptocurrency services, this major Spanish bank will no longer remain a stranger to the world of cryptocurrencies. The entrance of BBVA into the cryptocurrency market indicates how rapidly the crypto industry is evolving.
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