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Traditional Finance | BBVA Switzerland Branch Launches Ethereum Trading Service, German Savings Bank Piloting Program in Progress

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Traditional Finance | BBVA Switzerland Branch Launches Ethereum Trading Service, German Savings Bank Piloting Program in Progress

One of Europe's largest banks, BBVA's Swiss branch announced that it will expand its custody and cryptocurrency services, launching Ethereum trading. In addition to Bitcoin, users can view digital assets and traditional financial assets on the app, and can exchange them for euros, dollars, and any other fiat currency.

BBVA Crypto Services

BBVA Switzerland's crypto asset services started on June 21 this year, offering Bitcoin trading and custody services to private banking clients. The CEO mentioned:

Slowing down the development pace can further test the service and enhance security. Despite the high volatility and risk associated with crypto assets, investors still show a strong demand for diversifying their investment portfolios.

BBVA's crypto services are integrated with the bank's app, allowing users to not only view cryptocurrencies and traditional financial assets together but also check the performance of other clients' assets, funds like Cathie Wood, and investments by Buffett.

BBVA announced on December 13 that it is adding Ether custody and trading services here, where cryptocurrencies can be exchanged for Euros or any fiat currency. BBVA emphasizes converting cryptocurrencies through multiple sources, ensuring no liquidity issues and being able to process multiple orders of any size 24/7.

BBVA plans to continue expanding its crypto services in the coming months and positions itself as a pioneer in blockchain technology adoption within the banking sector.

Furthermore, foreign media noted that German savings banks will also launch cryptocurrency services next year.

Savings Banks' 50 Million Users

Research from the foreign media FinanceFWD indicates that the German financial sector, major funds, and municipal institutions are all developing crypto wallets. The German savings bank group Sparkasse plans to pilot trading Bitcoin and Ether.

Sparkasse has around 50 million users, with approximately 370 decentralized branches operating independently across various German cities. Its committee will vote early next year, and if approved, the initial version of the crypto wallet will go live later next year.

Since each savings bank operates independently, they will individually decide whether to integrate crypto trading services. Despite the apparent significant advantage of 50 million users, some in the crypto community remain cautiously optimistic about this news, and the German savings banks have not commented on it.