BBVA Plans to Launch Crypto Services via Garanti BBVA Kripto Platform
Banco Bilbao Vizcaya Argentaria (BBVA) is expanding its cryptocurrency offerings through Garanti BBVA Kripto, its crypto custody platform. According to Coindesk, the bank will utilize Bit2Me, a Spanish digital currency exchange established in 2014, as its trading execution center.
MiCA to Boost Europe Crypto Landscape and BBVA Participation
This initiative follows the implementation of the European Union’s Markets in Crypto Assets (MiCA) regulation on December 30, 2024. Abel Peña, Chief Sales Officer at Bit2Me, anticipates that numerous banks across Europe will offer crypto spot trading services by 2025, as they are in contact with over 50 financial institutions.
Garanti BBVA Kripto has been promoting crypto trading services for a year, but these have only been available as a pilot program. BBVA's engagement in the crypto sector is influenced by Turkey's favorable regulatory conditions, enabling access to cryptocurrencies like Bitcoin and Ethereum upon receiving necessary approvals.
Peña stated that advertising for crypto services would begin immediately after obtaining regulatory approvals, noting that many partner institutions are already integrated with Bit2Me.
Donald Trump's Victory Improves Crypto Outlook
BBVA's move is unexpected given the US banking system's cautious approach to cryptocurrencies. The influence of MiCA and Donald Trump’s victory in the 2024 elections, where he is seen as pro-crypto, contribute to this shift. The crypto community anticipates the establishment of a strategic Bitcoin reserve under the new administration, despite skepticism from former Treasury Secretary Lawrence Summers regarding its practicality and potential benefits.
Summers argues that such a reserve would mainly benefit Trump's supporters rather than provide significant economic advantages. Similarly, Japanese leaders, including Prime Minister Shigeru Ishiba, have expressed reluctance to adopt Bitcoin as part of their foreign exchange reserves.