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Spain’s Second Largest Bank To Begin Crypto Trading

BBVA, the second largest bank in Spain is set to begin crypto trading. It is going to launch its cryptocurrency trading and custody services around the world. BBVA is however waiting for approval from Switzerland to begin its operations.

The sources in the know of these things said it will function from Switzerland and will be used across Europe. Switzerland does have rules which are a little less comprehensive.

“There are still some compliance hurdles so this will not be in December, but I expect they [BBVA] will be live next month,” they added. 

Asked if BBVA was building its solution primarily to deal with tokenized securities and the like, the source said: “This is a cryptocurrency offering.”

According to multiple media reports, BBVA have integrated the same custody solution for the digital asset as SILO. It was six months back that BBVA begun with the SILO platform and continuing to add to it.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.