- BBVA now offers USDC custody and trading for institutional clients in Switzerland, expanding beyond Turkey’s retail market.
- USDC, backed by cash assets, provides a stable alternative for investors, aligning with BBVA’s strategy for cutting-edge digital services.
- BBVA’s upgrade to Metaco’s Harmonize platform enhances transaction security and blockchain connectivity for its expanding digital asset services.
BBVA, a Spanish and European bank, is expanding its cryptocurrency selection. For its institutional clients, the bank has started to offer trading and custody services for USD Coin (USDC). This move builds on their existing USDC access for retail clients in Turkey.
Another major bank launches USDC custody and rails for institutional customers. This time Spanish and European banking-giant @bbva’s CH division rolling this out. This is on top of their rolling out USDC access for their large retail base in Turkey. https://t.co/kX4osUQ1Qu
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 9, 2024
USDC Integration for Swiss Clients
BBVA’s expansion includes offering USDC custody and trading for its institutional and private banking clients in Switzerland. Additionally, clients with a NewGen account can now manage their USDC funds alongside traditional investments. This integration allows for seamless exchange, custody, and near real-time conversion of USDC into euros, dollars, or other currencies.
This advancement also strengthens BBVA’s capacity to assist institutional clients in streamlining their operations on cryptocurrency exchanges. With its complete backing in cash and cash-equivalent assets, Circle’s stablecoin USDC, introduced in 2018, maintains price parity with the US currency. Large businesses and investment fund managers favor it because it provides a reliable substitute for more erratic cryptocurrencies.
Alignment with Digital Asset Strategy
The implementation of USDC is consistent with BBVA’s plan to offer state-of-the-art digital asset services. Complying with the Markets in Crypto-Assets Regulation (MiCA) of the European Union enhances the stablecoin’s reputation in the market. This rule gives USDC an additional degree of dependability by guaranteeing security and transparency in cryptocurrency transactions.
Significantly, BBVA’s move to include USDC follows its earlier adoption of Bitcoin and Ether. In 2021, the bank introduced these major cryptocurrencies to its digital asset service. Furthermore, in late 2023, BBVA upgraded its custody services to Metaco’s Harmonize platform. This platform enhances transaction security and connectivity with various blockchain networks.
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Continued Expansion and Innovation
BBVA’s dedication to growing its digital asset services and maintaining its leadership position in the financial technology industry is demonstrated by this new offering. The aim of BBVA in Switzerland, according to Philippe Meyer, Head of Digital Solutions and Blockchain, is to make tokenized goods easily accessible to private customers. Meanwhile, institutional clients benefit from enhanced asset security options.
In Türkiye, BBVA continues to offer a range of digital asset services through Garanti BBVA Digital Assets. Clients there can trade Bitcoin, Ether, AVAX, and manage Chiliz funds. This strategic expansion highlights BBVA’s innovative approach in the evolving cryptocurrency landscape, offering new opportunities for digital value exchange.
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