Garanti BBVA to Launch Crypto Trading Services for Public
Banco Bilbao Vizcaya Argentaria (BBVA) is expanding its involvement in the cryptocurrency sector. Garanti BBVA Kripto, a crypto custody platform managed by Garanti BBVA, will soon offer crypto trading services to the public, utilizing Bit2Me, a Spanish crypto exchange established in 2014, as its trading execution center.
The implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union is facilitating this partnership, indicating potential growth within the banking sector, according to Abel Peña, Bit2Me’s chief sales officer. He anticipates that many European banks will begin offering crypto spot trading by 2025, with over 50 financial institutions in close contact regarding service launches.
BBVA held $857 billion in assets in 2023, ranking as the 43rd largest bank globally and the second largest in Spain. Although Garanti BBVA Kripto advertised crypto trading services since January 2024, these were initially available only in a pilot phase.
BBVA's initial foray into the crypto industry occurred in Turkey due to a favorable regulatory environment. With MiCA now enacted, European financial institutions can secure regulatory approval to provide exposure to cryptocurrencies like bitcoin (BTC) and ether (ETH).
Peña noted that the enthusiasm from the banking sector towards crypto is partly due to the clarity provided by MiCA and other external factors, including U.S. political support for cryptocurrency and the success of U.S. spot bitcoin exchange-traded funds, which have attracted $35 billion in inflows recently. This growing demand for bitcoin is prompting banks to adapt.
BBVA joins other European banks exploring cryptocurrency offerings. Deutsche Bank is developing a rollup on Ethereum and collaborating with Swiss start-up Taurus on crypto custody and tokenization services. Société Générale operates its own crypto division, SG-FORGE, which plans to launch a euro stablecoin on the XRP Ledger (XRPL) network.