Spanish bank 'BBVA' supports 24-hour trading of Bitcoin and Ethereum

Doohyun Hwang

Summary

Spanish bank 'BBVA' said it will start a service that supports 24/7 trading of Bitcoin and Ethereum for retail customers.
It said this is the first time a bank has introduced virtual asset trading for retail customers in the European market.
BBVA said it will leverage its existing foreign exchange trading infrastructure to enable customers to trade virtual assets in a trusted environment.

Spanish bank 'BBVA' is partnering with Singapore exchange 'SGX FX' to launch a service that allows retail customers to trade virtual assets (cryptocurrencies) directly through its platform. This is the first time a bank has introduced virtual asset trading for retail customers in the European market.

On the 2nd (local time), CoinDesk reported that BBVA will support Bitcoin (BTC) and Ethereum (ETH) through this integration and plans to offer 24/7 trading based on the same infrastructure used for existing foreign exchange (FX) trading.

SGX FX has been providing banks with liquidity, pricing, and risk management tools through global data centers in London, New York, Tokyo, and Singapore. Vinay Trivedi, SGX FX Chief Operating Officer (COO), said, "Based on 25 years of experience in the global FX market, we have closely integrated virtual assets into our existing services," and "We will help banks like BBVA provide virtual asset services smoothly without a full system overhaul."

Luis Martins, BBVA's global head, said, "Virtual assets are rapidly becoming an essential part of the global financial system," adding, "It is a natural progression for customers to trade virtual assets through the same systems they are familiar with and trust."

BTC

ETH