TL;DR
- BBVA Spain received regulatory approval to offer Bitcoin and Ethereum trading, marking its digital asset expansion; customers can trade via the bank’s mobile app.
- The service, initially for select users, uses BBVA’s in-house custody platform, ensuring security and a user-friendly experience without advisory services.
- With Spain’s growing crypto market—nearly 9% adoption—BBVA aims to capitalize on rising demand, projecting 15M+ crypto users by 2025.
BBVA Spain has received approval from the country’s securities regulator to launch Bitcoin and Ethereum trading services. This marks a significant milestone in the bank’s expansion into the digital asset space. BBVA customers will soon be able to buy, sell, and manage Bitcoin and Ethereum directly through the bank’s mobile app.
Leveraging In-House Custody Solutions
Access to the service will initially be limited to a select group of users, with a broader rollout planned for all private customers across Spain in the coming months.
One of the standout features of BBVA’s new service is its reliance on the bank’s in-house cryptographic key custody platform. Unlike many competitors that depend on third-party custody providers, BBVA will secure customer crypto holdings internally.
This approach is designed to offer a secure and user-friendly experience for their Bitcoin and Ethereum trading, though it will not include advisory services. Customers will have full control over their crypto investments and be responsible for trading independently.
Gonzalo Rodríguez, Head of Retail Banking at BBVA Spain, highlighted the bank’s commitment to simplifying crypto investing by offering a fully digital and easy-to-use service accessible via mobile phones. He emphasized that BBVA aims to guide customers in their exploration of digital assets while ensuring their investments are backed by the solvency and security of a well-established bank.
Tapping into Spain’s Growing Crypto Market
BBVA’s venture into crypto services in Spain follows the success of its similar offerings in Switzerland and Türkiye. The Spanish cryptocurrency market has seen substantial growth, with nearly 9% of Spaniards now owning digital assets, according to a recent European Central Bank survey.
This figure has more than doubled since 2022, placing Spain on par with countries like France and Croatia in terms of crypto adoption within the Eurozone. The survey also revealed that a majority of Spanish investors view crypto as a financial opportunity, with many treating it as an investment while others use it for payments or both.
With regulatory clarity and increasing mainstream acceptance, projections suggest that crypto adoption in Spain could reach over 15 million users by the end of 2025.
