BBVA, Spain’s second-largest bank with an asset worth of $840 billion, is expected to offer cryptocurrency trading and custody space, according to CoinDesk. The bank is building its crypto solution to deal with tokenized securities and is handling compliance hurdles before going live next month.
- The bank will launch its crypto offering from Switzerland because the country has relatively comprehensive rules around digital assets.
- BBVA is said to have integrated the same custody solution for digital assets, called SILO, as Russia’s Gazprombank, which also went live with a crypto offering in Switzerland
- About six months ago, BBVA began to integrate the SILO custody platform built by core banking software provider Avaloq and Swiss crypto specialists METACO.
- BBVA is not new to crypto innovation and was among the first financial institutions to combine public and private blockchains in a live transaction in July 2018.
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