Spain’s banking giant brings Bitcoin and Ethereum to the masses

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Spain’s second-biggest bank, BBVA, just flipped the script on crypto in Europe.

While most EU banks, 95% of ‘em, mind you, are still playing it safe, tiptoeing around cryptocurrencies like they’re hot potatoes, BBVA’s literally diving headfirst into the Bitcoin and Ethereum game.

They’re rolling out crypto trading and custody services for everyday retail customers, right through their own mobile app.

No middlemen, no third-party custodians. Just straight-up, bank-backed crypto access.

Easy access for crypto investments

Now, the thing is this isn’t some fly-by-night stunt. BBVA’s been on this crypto journey for four years, starting with their Swiss division back in 2021, so they’re veterans.

That’s where they first dipped their toes, offering Bitcoin custody and trading to private banking clients.

Since then, they’ve expanded their crypto menu to include Ethereum, Solana, XRP, and AVAX, wooing institutional investors and the wealthy alike. And now, they’re bringing that same playbook home to Spain.

The official green light came from Spain’s National Securities Market Commission, the CNMV in March. This regulatory nod lets BBVA offer crypto services to anyone who’s legally old enough to play.

Gonzalo Rodríguez, BBVA’s head of retail banking in Spain, put it simply, and said they want to make crypto investment easy and accessible for regular people, right on their phones.

That’s right, no rocket science here, just a user-friendly platform that puts power in the hands of the people, without BBVA pretending to be your financial advisor.

$80 billion in crypto

Let’s talk numbers, because we got some nice one! Spain’s crypto scene is heating up.

According to a 2024 European Central Bank survey, nearly 9% of Spaniards now own crypto assets, more than double what it was just two years ago.

That’s on par with France and Croatia but still trailing Slovenia’s 15% and Greece’s 14%.

And between 2023 and 2024, Spain saw over $80 billion in crypto flow through its economy, ranking fifth in Europe for crypto value received. That’s a lot of digital dough.

Crypto is the future

BBVA’s not stopping at Bitcoin and Ethereum, they’ve also added USDC stablecoin services, allowing clients to trade and hold this digital dollar with near-instant execution.

Stablecoins like USDC are the unsung heroes here, helping investors dodge crypto volatility and speed up transactions, especially for big players like fund managers and corporations.

So, while most EU banks are still watching from the sidelines, BBVA’s making a bet that crypto is the future.

And for Spain’s 9% crypto owners, this move just made their crypto a whole lot easier to manage.


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

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