Spain’s Second-Largest Lender Plans Launching Crypto Services

BBVA, Spain’s second-largest commercial bank with $840 billion in assets, is going to offer cryptocurrency trading and custody services, Coindesk reported on Tuesday.

One of the two anonymous sources told the publication that the lender is set to launch the services as soon as this Christmas, but the other said the crypto services are likely to hit the market next month.

However, the Spanish bank is setting out the base for its crypto services in Switzerland. This, according to one source, is due to the clarity in the digital currency regulation of the Swiss Financial Market Supervisory Authority (FINMA).

The lender is likely to offer its digital currency services across the countries in Europe.

Additionally, the report outlined that BBVA has tapped SILO for the crypto custody platform and has been integrating the solution for the last six months.

Though BBVA is likely to jump directly into Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term soon, the lender was already working on blockchains. It became one of the first major banks to initiate this by completing transactions on a public-private Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term in July 2018.

Banks Jumping into Crypto

Most of the banks were hostile towards a digital currency, but the recent influx of institutions to the industry has prompted many lenders to consider offering crypto services.

When some of the banks are developing digital currencies, others like BBVA are ready to offer full-fledged services with cryptocurrencies.

In October, Singapore's largest bank, DBS, showcased its upcoming crypto services, which include trading and custodian services to both retail and institutional customers, but it took down the webpage shortly.

Many East European lenders have already started to offer cryptocurrencies. Last month, Finance Magnates reported that Belarusbank, the largest lender in Belarus, launched cryptocurrency trading services.