Garanti BBVA’s to Provide Crypto Trading Services in Hint of Things to Come

Key Points

  • BBVA, through its subsidiary Garanti BBVA Kripto, is expanding into crypto trading services for the public.
  • The partnership with Bit2Me, a Spanish crypto exchange, will facilitate trading execution.
  • The Markets in Crypto-Assets (MiCA) regulation has enabled this move, signaling a broader trend in Europe.

Summary

BBVA, a major Spanish bank, is significantly expanding its involvement in the cryptocurrency sector through its subsidiary, Garanti BBVA Kripto, which will soon offer crypto trading services to the general public. This initiative is supported by a partnership with Bit2Me, a Spanish crypto exchange, which will serve as the trading execution center. The introduction of these services follows the full implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union, providing a regulatory framework that encourages banks to engage with cryptocurrencies. Abel Peña, Bit2Me’s chief sales officer, predicts a surge in European banks offering crypto trading by 2025, highlighting the growing interest from financial institutions. BBVA's move into crypto was initially facilitated by Turkey's regulatory environment, but with MiCA now in effect, the bank can offer exposure to major cryptocurrencies like Bitcoin and Ethereum to its European customers. This development is part of a broader trend where banks are increasingly recognizing the potential of cryptocurrencies, influenced by regulatory clarity, political support, and the success of crypto-related financial products in the U.S.

yahoo
January 2, 2025
Crypto
Read article

Related news