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BBVA and Standard Chartered playing with fire? Banks begin trading and custody of cryptocurrency

by CryptoExBulletin
in Cryptocurrency
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BBVA and Standard Chartered playing with fire? Banks begin trading and custody of cryptocurrency
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Three years in the past, many FX brokers caught a nasty chilly by providing crypto CFDs. Now the Tier 1 banks are taking place the identical route

BBVA’s Swiss unit is making ready to launch a service for the buying and selling and custody of digital belongings, starting with bitcoin.

The Spanish big says it’s launching the service in response to rising demand from traders who’re already working with digital currencies however by way of fintechs and different startups.

It’ll enter the fray in January, providing all of the ensures of every other banking service. Whereas initially sticking to bitcoin, different digital belongings shall be provided over time.

BBVA says it has chosen to launch in Switzerland as a result of the nation is “essentially the most superior European nation when it comes to regulation and adoption of digital belongings”.

Alicia Pertusa, head, shopper options technique, BBVA, says: “Digital belongings have monumental potential to rework the best way worth and data are exchanged by way of blockchain expertise.

“Monetary establishments, in collaboration with supervisors, can play a related position within the integration of digital belongings in present markets and infrastructures.”

In the meantime, the innovation and ventures unit of Commonplace Chartered and Northern Belief have entered into an settlement to launch Zodia Custody, an institutional-grade custody resolution for cryptocurrencies.

At launch, pending regulatory approval, Zodia will present custody providers for the most-traded cryptocurrency belongings – bitcoin, ethereum, adopted by XRP, Litecoin, and Bitcoin Money.

Maxime De Guillebon, CEO, Zodia, says: “”We mix the chance administration, compliance, governance and safety method of a regulated monetary establishment with the cutting-edge innovation of crypto asset and key administration applied sciences.”





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Tags: banksBBVACharteredcryptocurrencycustodyfireplayingStandardTrading

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