What to know:
- Customers of Garanti BBVA Kripto will soon have the capability to buy and sell cryptocurrencies.
- The Spanish exchange Bit2Me will facilitate these trading services, indicating a trend among EU banks to offer similar products.
- The Markets in Crypto-Assets (MiCA) regulation became fully effective on December 30, 2024.
Overview
The Spanish banking powerhouse, Banco Bilbao Vizcaya Argentaria (BBVA), is expanding its involvement in the cryptocurrency market. Garanti BBVA Kripto, operated by Turkey's fifth largest bank, is set to provide public cryptocurrency trading services. This initiative utilizes Bit2Me, a Spanish crypto exchange founded in 2014, for transaction execution.
With the recent enactment of MiCA regulations in the European Union, this collaboration foreshadows further developments in the crypto sphere, noted Abel Peña, Chief Sales Officer at Bit2Me. He expressed optimism for 2025, suggesting that numerous banks throughout Europe will begin offering crypto trading options.
"I believe in 2025 we are going to see so many banks across Europe offering crypto spot trading to their users," Peña stated.
Market Context
BBVA held assets worth $857 billion in 2023, ranking it as the 43rd largest bank globally. The entity, which previously offered a pilot crypto trading service, is now ready to reach a wider customer base following the clear regulatory framework provided by MiCA. "This is from the knowledge that many of them are already integrated with us," Peña added, while refraining from naming specific banking partners.
The recent crypto enthusiasm, amplified by successful U.S. bitcoin exchange-traded funds, signals that banks are increasingly recognizing the demand for crypto assets, a trend previously resisted.
Other European banks are also joining the trend, with Deutsche Bank and Société Générale pursuing various crypto initiatives, from custodian services to the development of their own cryptocurrencies.
In summary, the integration of cryptocurrency offerings by traditional banks is accelerating in Europe, marking a substantial shift in the industry's landscape.
