BBVA Launches Crypto Trading for Retail Customers in Spain

BBVA, a prominent banking institution in Spain, has launched a new service that allows retail customers to trade and custody Bitcoin (BTC) and Ethereum (ETH) directly through its mobile app. This move signifies a major step in BBVA's efforts to integrate digital assets into its financial services, providing customers with a seamless and secure experience.

The service, now available to all adult customers in Spain, enables users to buy, sell, and securely store Bitcoin and Ethereum within the bank's existing digital banking environment. This full integration ensures that customers can manage their crypto assets alongside their other financial services, all through a single, user-friendly platform. BBVA has developed an in-house custody solution, managing cryptographic keys internally without relying on third-party custodians or external exchanges. This integration allows users to conduct crypto transactions autonomously while BBVA refrains from providing investment advice on these assets.

BBVA's initiative aligns with the European Regulation on Markets in Crypto-Assets (MiCA), which provides additional safeguards and protection for investors. The bank has emphasized that it will not provide investment advice on these assets, and access to the service will be exclusively customer-initiated through the app. This approach underscores BBVA's commitment to transparency and customer empowerment.

The launch of this service follows BBVA's previous forays into the crypto space. In 2021, the bank established a bitcoin trading desk and custody service for private banking clients in Switzerland, which was later expanded to include Ether and the stablecoin USDC. In 2023, Garanti BBVA in Turkey introduced a specialized company offering a wide range of crypto-assets, including Bitcoin, Ether, USDC, Solana, XRP, AVAX, and Chiliz, among others. Spain is now the third market where BBVA is scaling up its range of digital assets, backed by a robust, secure, and regulation-compliant infrastructure.

Gonzalo Rodríguez, Head of Retail Banking for Spain, highlighted the bank's goal to support customers as they explore digital assets. "Our aim is 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, backed by the strength and security of a bank like BBVA," he stated.

Francisco Maroto, Head of Digital Assets, further elaborated on the bank's vision. "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. Mirroring BBVA’s leadership in digitization and innovation, we are continuing to grow our digital assets business, both with new assets (crypto or stablecoins) and with traditional assets in tokenized form (bonds, funds). Our aim is to offer the best investment and transaction-based solutions to our customers."

With this new service, BBVA Spain aims to meet the growing demand for reliable digital asset services while ensuring full compliance with regulatory standards. The bank's initiative not only enhances its digital offerings but also positions it as a leader in the integration of crypto assets within traditional banking services. This move underscores BBVA's commitment to simplifying access to digital currencies, providing retail clients with an easy and secure way to invest in cryptocurrencies directly from their smartphones, supported by the trust and security of a leading bank like BBVA.