BBVA Launches Bitcoin Ether Trading in Spain via Mobile App

BBVA, the second-largest bank in Spain, has announced a significant expansion into the cryptocurrency market by offering Bitcoin and Ether trading services directly through its mobile app. This move positions BBVA as a pioneer among traditional financial institutions in Spain, providing its retail customers with the ability to trade and hold these digital assets securely. The bank's new service includes custodial solutions, ensuring that customers' cryptocurrencies are stored safely, which is a crucial aspect for those new to the crypto space.

The introduction of these services by BBVA is a strategic decision that aligns with the growing interest and adoption of cryptocurrencies globally. By integrating Bitcoin and Ether trading into its existing mobile banking platform, BBVA aims to provide a seamless and convenient experience for its customers. This initiative not only caters to the increasing demand for digital assets but also demonstrates the bank's commitment to innovation and staying ahead of the curve in the rapidly evolving financial landscape.

The launch of these services is expected to attract a broader range of customers who are interested in diversifying their investment portfolios with cryptocurrencies. BBVA's decision to offer custodial services adds an extra layer of security, making it an attractive option for those who may be hesitant to enter the crypto market due to concerns about the safety of their investments. This move is likely to set a precedent for other traditional banks in Spain and potentially beyond, as they consider similar offerings to remain competitive in the market.

BBVA's entry into the crypto trading space is a testament to the growing acceptance of digital currencies by mainstream financial institutions. By providing a regulated and secure environment for trading and storing Bitcoin and Ether, BBVA is bridging the gap between traditional banking and the emerging world of cryptocurrencies. This development is likely to foster greater trust and confidence in digital assets among the general public, paving the way for wider adoption in the future.

BBVA secured the license to offer crypto trading back in March, and has finally implemented the new offers directly in its banking app. The shift in crypto offerings in Europe follows the recent growth in stablecoin usage, showing growing demand for crypto investments from the Euro area. The bank will offer its own native custody and settle all trades, not relying on external platforms. The bank is fully compliant with local regulations for offering crypto assets. The Spanish bank’s move follows the opposite trend in the UK, where banks are tightening their controls with plans to ban crypto swaps or access.

“We want to make it easier for our retail customers in Spain to invest in crypto-assets, through a simple and easy-to-access digital solution on their cell phone,” said Gonzalo Rodríguez, head of retail banking for Spain. “Our goal is to support them as they explore digital assets, backed by the strength and security of a bank like BBVA.”

BBVA has already made forays in crypto trading, though limiting the offers to accredited investors and large-scale traders. The bank first offered crypto services in Switzerland in 2021, later branching into the Turkish market through its subsidiary Garanti BBVA. “Following this launch in Spain, BBVA has added another country to its digital assets service, which was first introduced in Switzerland in 2021, followed by Turkey in 2023,” said Francisco Maroto, head of digital assets. Recently, the bank also recommended BTC to its accredited investors and wealthy clients. The bank has suggested a 7% portfolio allocation to crypto.

BBVA’s mobile offer arrives at a time when retail buying of crypto has slowed down, displaced by large-scale deals to build corporate treasuries. Some retail buyers may go through ETFs or ETPs, depending on market availability. Direct mobile access appeals to newer cohorts of investors. The only obstacle to BBVA’s offer is the shift to third-party custody. The EU regulations have been stricter about self-custody wallet, requiring that all users declare and de-anonymize their wallets when interacting with brokerages.

Crypto ownership is expanding in the Euro area, with an estimated penetration of over 30%. By the end of 2026, a total of 268.15M users are expected to own at least some crypto assets. Europe has been targeted by multiple existing exchanges securing MiCAR licenses, while the move by BBVA shows banks may be ready to enter the game and offer their own infrastructure.