The Spanish multinational banking giant BBVA has begun offering Circle’s USDC stablecoin to its high-profile clients in its Swiss division.
BBVA’s institutional and private banking clients in Switzerland can now manage USDC alongside their traditional investments on a single platform, according to a recent press release by the bank. These clients will now be able to exchange, custody, and convert USDC into euros, U.S. dollars, or other currencies.
Notably, USDC is the third cryptocurrency added to BBVA’s digital asset service in Switzerland. The Bank noted that adding the stablecoin is geared towards enhancing transaction efficiency for its institutional clients, such as investment fund managers, who utilize stablecoins for trading cryptocurrencies across multiple exchanges.
The bank launched its digital asset service with Bitcoin and Ether in 2021. In late 2023, it upgraded its custody capabilities by migrating to Metaco’s Harmonize platform to support connectivity with other blockchain networks.
According to the press release, the bank is setting itself apart among major European banks by providing its clients with a robust offering and innovative opportunities to exchange value in the digital space.
Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland, stated,
“We aim to provide our private clients with straightforward access to tokenized products they cannot obtain through traditional financial institutions. At the same time, our institutional clients require us to offer solutions that ensure the security of the assets they manage. We will continuously assess the crypto assets they invest in to enhance our offerings with more innovative solutions.”
Meanwhile, the move by BBVA comes as Switzerland’s fourth-largest financial institution, Zurich Cantonal Bank (ZKB), recently launched crypto-focused services for its customers. These services, which are integrated into the banking’s eBanking and Mobile Banking platforms to allow 24/7 cryptocurrency trading, brought ZKB into a league of Swiss banks that have begun offering such services to their customers.
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