Coinspeaker BBVA to Offer Crypto Services in Europe through Garanti BBVA Kripto Platform
To deepen its foray into the cryptocurrency sector, Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) is looking to offer crypto services. As reported by Coindesk, the banking giant intends to achieve this feat through Garanti BBVA Kripto, its crypto custody platform.
MiCA to Boost Europe Crypto Landscape and BBVA Participation
To carry out these crypto services, the bank will leverage the services of Bit2Me, a digital currency exchange founded in Spain in 2014. Bit2Me will serve as the bank’s trading execution center.
This comes right after the European Union’s Markets in Crypto Assets (MiCA) rule took effect on December 30, 2024. According to Abel Peña, Bit2Me’s Chief Sales Officer, the alliance between BBVA and the exchange signals more innovation ahead.
“I believe in 2025 we are going to see so many banks across Europe offering crypto spot trading to their users,” Peña said. “We are in very close contact with more than 50 financial institutions, with banks all across Europe and internationally, and they will start launching their services in the first quarter of 2025.”
It’s been one year since Garanti BBVA Kripto began advertising crypto trading services on its website. However, the product only became available as a pilot and not even to the general public.
Generally, BBVA’s stance towards the crypto industry is due to Turkey’s favorable regulatory environment. The official debut of MiCA has made it better for many financial institutions like BBVA to delve into the crypto sector.
BBVA can obtain approval from domestic regulators and provide European customers access to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Peña confirmed that once the firm gets the requested approvals, it will commence its crypto service advertising immediately. Although the Bit2Me executive failed to disclose the names of its partner institutions, Peña stated:
“This is from the knowledge that many of them are already integrated with us.”
Donald Trump’s Victory Improves Crypto Outlook
Judging by the US banking system’s generally known stance on cryptocurrencies, the move of BBVA comes off as a surprise.
While MiCA may have played a huge role, Donald Trump‘s victory in the 2024 elections is also a contributing factor. The Republican politician is a pro-crypto leader, a major shift from his first tenure.
The crypto community in the United States is waiting for the incoming administration to establish a strategic Bitcoin reserve. On the other hand, former United States Treasury Secretary Lawrence Summers thinks the proposed national Bitcoin reserve is a “crazy” idea. He has expressed his strong skepticism about its feasibility and motivation.
Summers does not support the strategy, citing that such a move would primarily serve the interests of Trump’s supporters who advocate for cryptocurrency rather than offering substantial economic benefits.
Japan leaders also have the same stance as Summers on establishing a Bitcoin reserve. Japan’s Prime Minister Shigeru Ishiba recently hesitated to adopt BTC as part of the country’s foreign exchange reserves.
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BBVA to Offer Crypto Services in Europe through Garanti BBVA Kripto Platform
