BBVA, the second-largest bank in Spain (having US$840 billion in assets), is taking a crypto turn as it is all set to offer cryptocurrency trading and custody services. Reports say that the bank is beginning to roll out its crypto services from Switzerland, which has relatively comprehensive rules regarding digital assets.
In an interview, the source has made it clear that they are making a cryptocurrency offering. If rumor mills are to be believed, BBVA has reportedly integrated their digital asset custody solution (known as SILO) with one of the largest multi-faceted financial institutions in Russia, Gazprombank.
Reports say that the second largest bank in Spain had started integrating their SILO custody platform (built by Avaloq, core banking software provider, and Swiss crypto specialists METACO) around 6-months back. When Avaloq and METACO were approached, they declined to comment.
If the sources are to be believed, BBVA will roll out its crypto trading and custody services from January 2021 as it’ll not be possible to roll out the services in December 2020 due to “some compliance hurdles”.
Another source has said that BBVA is likely to roll out its crypto services during Christmas this year. Reports say that the BBVA project is yet to pass through many more processes before getting a green light from the regulators (Swiss regulators called FINMA or Financial Market Supervisory Authority).
The news of BBVA’s crypto services comes just after another major bank in Singapore, DBS Bank, confirmed in October 2020 that they are all set to enter the digital asset space soon.