- BBVA has added a third digital asset to its Switzerland-based crypto service.
- The banking giant debuted its crypto service in 2021 to institutionalize digital assets.
- The latest addition will help clients manage their crypto exchange operations “more efficiently and faster.”
Global banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has integrated Circle’s stablecoin USDC to bolster its crypto service in Switzerland.
BBVA’s foray into the crypto landscape started in 2021 when the bank debuted its Switzerland-based digital asset service with Bitcoin and Ether, the two top cryptos by market cap and usage. USDC is the third cryptocurrency the bank has added to its service, underscoring the stablecoin’s unique role in complementing institutional crypto adoption.
BBVA’s New Crypto Offering
In a press release on September 9, BBVA said that incorporating USDC into its service will enable its high-profile clients in Switzerland to manage their operations on crypto exchanges “more efficiently and faster.”
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The bank explained that investment fund managers and other large companies often leverage stablecoins like USDC to trade digital assets across multiple platforms and hedge against the volatility of other cryptos through seamless asset conversion.
“The bank is thus developing a solid offering, pioneering among major European banks, that allows its clients to explore new opportunities to exchange value in the digital environment,” the statement read.The USDC service will be available to BBVA’s institutional and private banking clients in Switzerland and those with a NewGen account. Per the statement, the clients can exchange, custody, or automatically USDC in real-time into various fiat currencies, including euros and dollars.
Meanwhile, USDC is currently accessible to the bank’s clients in Turkey via Garanti BBVA Digital Assets. BBVA’s Türkiye branch offers various crypto-related services, including Bitcoin Ether, and AVAX trading, custody for Chilis funds, and transfer service.
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