BBVA (NYSE:BBVA) is launching a bitcoin custody service for EU-wide use through BBVA Switzerland.
BBVA has been working with Russian Gazprombank's SILO custody platform for the past six months, Coindesk's sources shared.- BBVA will only support bitcoin initially but "plans to expand its offering" to other digital assets, without advisory services.
- With about $840B in assets, BBVA is Spain's second-largest bank, with branches worldwide.
- BBVA will conduct its bitcoin operations through its wholly-owned subsidiary in Switzerland that specializes in private international banking services.