BBVA implements its cryptoactive purchasing/sales service

The second largest Spanish bank is now officially opening up to a new business. After years of tests and consolidation for its service, BBVA has received the approval of the National Securities Market Commission (CNMV) and thus plans to propose Bitcoin and Ether buying, selling and guarding services in Spain.

FACTS

• Bank BBVA recently announced the official launch of its purchasing, selling, and storage services for its Spanish customers.

• The service, accessible directly from the bank's mobile app, will be primarily available to manage two active cryptos, namely Bitcoin and Ether.

• BBVA's Spanish private customers will therefore simply be able to execute orders to purchase and sell active crypto from their digital account management space. Only a small group of users will be concerned primarily with the opening of the service before it is no longer widely deployed in the coming months.

• BBVA formalized the launch of this new service after receiving approval from the National Securities Commission (CNMV), offering a service in accordance with the regulation on cryptoactive markets (MiCA).

• In terms of security, the bank will also use its own cryptographic key guard platform, promising to maintain full control over the security of its customers' cryptoactives without relying on third parties.

ISSUES

• Conclude long-term work : BBVA se Positioned on the market for the purchase/sale of cryptoactives from 2020. At the time the Bank planned to propose a commercial platform dedicated specifically to Bitcoins. It then focused on a technical partnership based on the use of the SILO solution, designed by Avaloq and Metaco. BBVA also offers similar services in Switzerland and Turkey, since 2021 and 2023. Today, therefore, it takes action by preferring a wider openness to cryptoactives and an autonomous model without using the services of third-party providers.

• Participating in the ongoing democratization process : Far from remaining confined to a niche market, cryptoactives have gradually become democratised as an investment or payment solution. BBVA is now committed to participating in this democratisation effort by directly integrating its cryptoactive trading service into its mobile app, with its daily services. The bank thus underlines its ambition to offer an integrated experience.

PERSPECTIVE

• BBVA will be able to boast of being one of the few traditional banks offering a purchase service selling cryptoactives to its customers in Europe. Facing reference platforms such as eToro, Coinbase or BinanceIndeed, neo-banks were the first to include cryptocurrency trading among their services.

• Revolut Opened thus more widely decentralized finance in 2022 after launching its own crypto trading offer in 2017. For his part, N26 proposed N26 Crypto in France in 2024 after launching service in Austria in 2022. Lydia Attacked for its share in the crypto-active trading market in France in 2021.

• In France, traditional banks prefer to position themselves in this market via their subsidiary. This is the case for Société Générale with Forge or more recently for BPCE with Hexarq.

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