BBVA’s crypto expansion signals growing interest from European banks, with 50+ institutions preparing for 2025 launches.
Regulatory clarity from MiCA helps banks like BBVA explore crypto services, meeting rising customer demand for digital assets.
The success of U.S. bitcoin ETFs drives global banks to offer crypto, acknowledging its value and market potential.
Banco Bilbao Vizcaya Argentaria (BBVA) is expanding its crypto offerings through a partnership with Bit2Me, a Spanish exchange founded in 2014. This collaboration allows Garanti BBVA Kripto to offer crypto trading services to the public. This move comes after the recent implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation, which is expected to accelerate crypto adoption by European banks.
The Growing Crypto Banking Trend
According to Abel Peña, Bit2Me's Chief Sales Officer, more banks are preparing to launch crypto trading services in early 2025. Peña emphasized that over 50 financial institutions, both across Europe and internationally, are already in close talks with Bit2Me. These institutions are set to start rolling out crypto services by the first quarter of the year.
Moreover, BBVA’s move into the crypto sector is not isolated. The bank’s subsidiary, Garanti BBVA Kripto, has been offering a crypto trading service since January 2024. Initially, in a pilot phase, the platform will soon open to the general public. The shift follows a favorable regulatory landscape in Turkey, where BBVA began exploring crypto opportunities ahead of its European counterparts.
Regulatory Changes and Market Impact
The rollout of MiCA regulation across Europe provides much-needed clarity for financial institutions. Consequently, banks can now secure approvals to offer cryptocurrency exposure to customers. This regulatory certainty has spurred banks like BBVA to explore the crypto market further. This trend is anticipated to increase as cryptocurrency assets gain popularity.
Additionally, external factors like the success of U.S. bitcoin exchange-traded funds (ETFs) have played a crucial role. The record $35 billion inflow into these ETFs signals a strong demand for exposure to digital assets. Financial institutions can no longer ignore this emerging market. Banks, therefore, see crypto as a valuable asset class they must accommodate to meet customer demand.