Spanish banking giant BBVA expanded its digital asset services to Switzerland. This allows institutional and private banking clients to manage their USD Coin (USDC) holdings alongside traditional investments.
Clients can now exchange, custody, or automatically convert USDC in near real-time into euros, dollars, or other major currencies on the same platform they use for conventional assets, the financial services company said in an announcement.
The digital bank said it aims to enhance trading efficiency for institutional clients by adding USDC, enabling faster value transfers via blockchain technology. The integration also allows users to secure their USDC in BBVA’s digital vault, providing a safe method for handling stablecoins.
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USDC Becomes Third Crypto Supported by BBVA
USDC is the third cryptocurrency added to BBVA’s digital asset services in Switzerland, following the introduction of Bitcoin and Ether in 2021.
Incorporating USDC offers an added advantage by acting as a hedge against the volatility of other cryptocurrencies. As market fluctuations occur, clients can convert their assets into USDC to preserve value, offering them stability.
🚨BBVA Switzerland Partners with Ripple-owned Metaco for Digital Asset Operations
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BBVA Switzerland, the Swiss arm of Spanish banking giant BBVA, has partnered with Ripple-owned Metaco to bolster its digital asset operations.… pic.twitter.com/oR8D6uzbLe
— CRUXX | Crypto News App (@Coin_CRUXX) November 23, 2023
“We want to offer our private clients simple access to the tokenized products they are most interested in,” Philippe Meyer, head of digital solutions and blockchain at BBVA Switzerland, emphasized the importance of meeting client demand. “Our institutional clients need options to guarantee the assets they manage. We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”
In late 2023, BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform, now owned by Ripple.
The bank continues to expand its crypto services across different regions, with its Turkish branch, Garanti BBVA Digital Assets, recently launching a wallet supporting multiple cryptocurrencies, including Bitcoin, Ether, USDC, and Avax.
Read more: Largest Swiss Bank UBS Embraces Bitcoin, Institution Acquires BTC ETF
Switzerland Is Leading Crypto-Friendly Nation
Switzerland has emerged as one of the most crypto-friendly nations globally, with a substantial portion of its population actively participating in the digital currency ecosystem.
In a survey last month, Bitpanda revealed that 23% of the Swiss population owns crypto. “Switzerland was the most crypto-friendly country, with almost a quarter (23%) of the total population already owning cryptocurrencies,” the firm said.
Additionally, Switzerland has attracted significant investments in the crypto and blockchain industries. Cities like Zug, known as “Crypto Valley,” host numerous blockchain startups, foundations and companies.
The country has also developed a regulatory framework that fosters blockchain and crypto businesses. Its strategy led to the creation of the Distributed Ledger Technology (DLT) Act, allowing the tokenization of securities and rights.
More recently, Zurich Cantonal Bank (ZKB), one of Switzerland’s largest banking institutions, launched crypto brokerage services for its customers. The bank partnered with Crypto Finance AG, a subsidiary of the German multinational Deutsche Börse Group, to execute cryptocurrency trades.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
