- BBVA is planning to enter the cryptocurrency space.
- Due to the strict regulations BBVA may face a hard time completing the project.
- Moreover, BBVA partners with Metaco for a comprehensive management system.
BBVA, the second biggest bank in Spain is planning to enter the cryptocurrency space.
The initial step of its cryptocurrency offerings however begins in Switzerland. On project’s good result, the bank decided that it can open its crypto trading and custody service in the next month.
Moreover, BBVA may face a hard time completing the project. This is due to the strict regulations that the European government presses on the banks in terms of cryptocurrency integration.
BBVA managing director of corporate and investment banking Alicia Pertusa said,
[blockquote footer=””]We do think that regulators are evolving in the way they look at cryptocurrencies and in this case in particular we have talked with our regulators.[/blockquote]
Further, Pertusa mentioned that their regulator realize the advantage of their project. ‘’They understand very well that the use of gas and ether in this kind of network is very different from the speculation of cryptocurrencies,” she stated.
In addition, BBVA partners with Metaco, a firm that provides financial institutions the ability to tokenize their assets. This collaboration enables the bank to have a comprehensive management system across various cryptocurrencies and smart contracts.
Moreover, BBVA is not the first bank to integrate their system with cryptocurrency and blockchain. Many Australian banks are now using blockchain technology to provide digitized bank guarantee. However, the latest bullish move by the bank shows how far the market evolves.