BBVA Introduces USDC to Swiss Clients, Expanding Crypto Custody Options

2024-09-08 20:34:54

USDC USDC Stablecoin

BBVA has added USDC as the third crypto to its Swiss digital asset services, following Bitcoin and Ether introduced in 2021. Last updated:

September 9, 2024 00:34 EDT

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

September 9, 2024 00:34 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Spanish bank BBVA said Monday that it expanded its crypto custody and trading services to include USD Coin (USDC) for institutional and private banking clients in Switzerland. This update enables clients to trade, hold or convert USDC into euros, dollars or other currencies almost instantly.

The bank explained that investment fund managers and large corporations often use stablecoins like USDC to speed up transactions across different cryptocurrency exchanges. Additionally, stablecoins help mitigate the volatility risk of other cryptocurrencies by allowing assets to be converted into stablecoins, preserving their value during market fluctuations.

USDC’s primary advantage is its direct connection to the USD, which ensures its value remains stable, unlike the unpredictable nature of other cryptocurrencies. As a result, this stability makes it a reliable store of value in the market.

Also through BBVA, Garanti BBVA Digital Assets offers a service in Türkiye that allows customers to trade, store, and transfer USDC. Further, clients can trade Bitcoin, Ether, and AVAX, as well as securely store their Chiliz holdings.

BBVA Adds USDC to Bitcoin and Ether Lineup

BBVA said that USDC is the third crypto added to its digital asset services in Switzerland. The bank first introduced the service in 2021 with Bitcoin and Ether, which were in high demand among investors. Later, by the end of 2023, BBVA shifted its custody operations to Metaco’s Harmonize platform.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions,” said Philippe Meyer, Digital Solutions and Blockchain Head at BBVA in Switzerland.

“Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage.”

Switzerland’s Blockchain-Friendly Policies Drive Investments and Innovation

Switzerland has 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, making their trading on blockchain networks more efficient.

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. This supportive environment strengthens Switzerland’s reputation for being crypto-friendly with a strong infrastructure.

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