BBVA Expands crypto Services with USDC Integration
Spanish banking giant BBVA recently announced the expansion of its crypto custody and trading services in Switzerland by incorporating USD coin (USDC). This move allows both institutional and private banking clients to engage in trading, holding, and converting USDC into various currencies quickly and efficiently.
BBVA highlighted the significance of stablecoins like USDC in facilitating transactions for investment fund managers and large corporations across different cryptocurrency exchanges. By leveraging stablecoins, users can mitigate the volatility risks associated with traditional cryptocurrencies, ensuring asset value preservation during market fluctuations.
A notable advantage of USDC lies in its direct correlation to the US dollar, providing stability compared to the unpredictable nature of other digital assets. This stability establishes USDC as a reliable store of value within the market.
Moreover, through BBVA's digital assets service in Turkey, Garanti BBVA Digital Assets, customers can now access trading, storage, and transfer capabilities for USDC, bitcoin, Ether, AVAX, and securely store Chiliz holdings.
BBVA Adds USDC to bitcoin and Ether Lineup
BBVA recently expanded its digital asset services in Switzerland to include USDC, marking the third cryptocurrency supported by the bank alongside bitcoin and Ether. The initial launch of the service in 2021 witnessed high demand for bitcoin and Ether among investors, prompting the subsequent integration of USDC. By the end of 2023, BBVA transitioned its custody operations to Metaco's Harmonize platform.
Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA Switzerland, emphasized the bank's commitment to offering clients seamless access to tokenized products that may be inaccessible through traditional financial institutions.
“We aim to provide our private clients with straightforward access to the tokenized products they are enthusiastic about and can't access through conventional financial institutions,” Meyer stated. Meanwhile, institutional clients rely on BBVA to ensure asset security and management options.
Switzerland's Blockchain-Friendly Policies Drive Investments and Innovation
Switzerland's progressive regulatory framework has fostered a conducive environment for blockchain and crypto businesses to thrive. The introduction of the Distributed Ledger Technology (DLT) Act enables the tokenization of securities and rights, enhancing their trading efficiency on blockchain networks.
Moreover, Switzerland's supportive stance towards the crypto and blockchain industries has attracted significant investments, positioning cities like Zug as prominent hubs for blockchain startups, foundations, and companies. With initiatives like "crypto Valley," Switzerland has solidified its reputation as a crypto-friendly nation with robust technological infrastructure.
