Spanish bank BBVA is the latest entrant in to the crypto custody space after launching a trading and custody service for bitcoin for its private clients in Switzerland.
The service went live on June 21 after six months of testing and will initially focus on bitcoin before adding other digital currencies in the future.
According to BBVA Switzerland’s chief executive Alfonso Gomez, the move is in response to growing client demand among private investors for access to digital assets.
“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” said Gomez.
The service will be limited to Switzerland for the time being due to clear regulatory rules and a widespread adoption of digital assets.
Extending the service to other markets will be dependent on an appropriate level of maturity, demand and regulation, stated the bank.
The move follows the recent announcement from State Street that it has set up a dedicated asset servicing arm for digital and crypto assets.
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