Introduction
European banks are set to start offering cryptocurrency services, motivated by a new alliance between Turkey's Garanti BBVA and the Spanish crypto exchange Bit2Me.
Key Highlights
- Garanti BBVA Kripto plans to enable customers to trade cryptocurrencies soon.
- The partnership with Bit2Me signals a wider trend among European banks to develop similar crypto products.
- The Markets in Crypto-Assets (MiCA) regulation has come into full effect as of December 30, 2024.
Detailed Insights
Spain's Banco Bilbao Vizcaya Argentaria (BBVA) is enhancing its presence in the crypto sector through Garanti BBVA Kripto, which will soon offer trading services to the public. This partnership with Bit2Me, active since 2014, highlights an essential move toward mainstream crypto services, now backed by the regulatory clarity provided by MiCA.
Abel Peña, Chief Sales Officer at Bit2Me, expressed optimism that by 2025, numerous banks across Europe will offer crypto trading to their clients, given their close contact with over 50 financial institutions. BBVA’s financial assets amounted to $857 billion in 2023, affirming its strong market presence.
As the regulatory framework in Turkey originally allowed BBVA to engage with crypto earlier, institutions are now eager to start offering assets like Bitcoin and Ether in compliance with EU laws.
Peña also pointed out that the rise of crypto treasuries, especially after the success of Bitcoin ETFs in the U.S., has built substantial interest in crypto offerings among banks, indicating a larger shift toward recognizing crypto as a legitimate asset class.
In summary, Garanti BBVA's move marks a pivotal moment that aligns with trends seen across financial institutions in Europe, as banks continue exploring crypto adoption and service offerings.
