BBVA Launches Bitcoin and Ethereum Trading Service for Spanish Customers

Spanish bank BBVA is rolling out a new crypto trading service for its customers in Spain, enabling them to buy, sell, and manage Bitcoin and Ethereum directly through the bank’s mobile app.

BBVA, the second-largest financial institution in Spain by asset volume, is expanding its offerings to the cryptocurrency market with this service. In a March 10 press release, the bank revealed that it will initially offer the service to a small group of users before making it available to all private customers in Spain in the coming months. This service comes after BBVA completed regulatory formalities under the Markets in Cryptoassets Regulation (MiCA) with Spain’s financial regulator, ensuring that the bank adheres to the country’s legal and financial frameworks for digital assets.

With this service, customers will be able to manage their cryptocurrency transactions alongside their regular banking activities. BBVA will leverage its own custody platform for cryptographic keys, meaning it will not rely on third-party providers to secure and manage customers’ digital assets.

Gonzalo Rodríguez, head of retail banking at BBVA Spain, stated, “We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner. Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA.”

BBVA has already offered similar services in Switzerland and Turkey. In 2021, its Swiss unit launched Bitcoin trading, which was later expanded to include Ethereum and USD Coin (a stablecoin issued by Circle). In 2023, the Turkish division, Garanti BBVA, introduced custody services for various cryptocurrencies.

BBVA’s entry into the crypto trading market marks an important milestone for the wider adoption of cryptocurrencies, as it allows customers to trade these digital assets in a regulated, secure, and accessible environment. The bank’s commitment to offering this service reflects growing interest and demand for cryptocurrencies from institutional players, alongside increasing regulatory clarity in various countries.