Spain’s BBVA Launches Bitcoin, Ethereum Crypto Trading & Custody for Retail

Key Insights:

• BBVA has rolled out its crypto trading and custody for retail customers after the successful launch for institutional investors earlier this year.
• Bitcoin and Ethereum investment demand rising in the EU after the Markets in Crypto-Assets Regulation (MiCA) implementation.
• The bank continued to deepen its exposure into the crypto, after offering crypto in other European countries.

Spain’s 2nd largest bank BBVA has rolled out its crypto trading and custody for all customers, including retail investors. It would allow the bank users to buy, sell, and hold Bitcoin and Ethereum directly using the bank’s mobile app.

BBVA Bank Offering Bitcoin and Ethereum Trading to Retail

BBVA has launched crypto trading and custody service for Bitcoin and Ethereum for retail investors. This indicates the bank continues to deepen its crypto push.

Through this launch, BBVA extends its secure digital world by adding crypto access to its already existing customer base that uses the bank’s financial services.

“We want to make it easier for our retail customers in Spain to invest in crypto-assets through a simple and easy-to-access digital solution on their cell phone,” said Gonzalo Rodríguez, Head of Retail Banking for Spain.

BBVA emphasized that its crypto offering is strictly customer-initiated via the app, with no investment advice being provided by the bank.

BBVA’s BTC and ETH Trading Service for Institutions

Earlier this year, the bank received successful approval from National Securities Market Commission (CNMV) to launch Bitcoin and Ethereum trading and custody.

This has become possible after the Markets in Crypto-Assets Regulation (MiCA) implementation in the European Union countries. that gives unambiguous quality to crypto-asset service providers in the European Union.

BBVA has over a decade of blockchain experience and first entered the crypto space in 2021 with a Bitcoin trading and custody service for private banking clients in Switzerland, later expanded to include Ethereum and USDC. Its Turkish subsidiary Garanti BBVA introduced a wider crypto-asset service in 2023 with Solana, XRP, AVAX, and more.

BBVA plans to expand its digital assets platform in Spain, adding it to its existing offerings in Switzerland and Turkey. The bank alluded to the future launching of tokenized forms of traditional investments such as funds and bonds.

This move demonstrates the commitment to innovation on the part of BBVA since Francisco Maroto, the Head of Digital Assets in this bank, has reiterated that growth is guided by a wider approach towards this bank to increase its digital assets with a strong regulatory and secure base.

Bitcoin and Ethereum Prices Jump on Rising Adoption

Institutional adoption of Bitcoin and Ethereum grew significantly as many companies and retail investors jumped to explore crypto investments amid the Trump administration’s pro-crypto stance.

It has contributed immensely to rally in BTC and ETH prices. Analysts expect Bitcoin price to hit $135K and Ethereum to rally above $3,000 this year.

Bitcoin price jumped over the past 24 hours, with the price trading at $108,230 at the time of writing. The 24-hour low and high were $108,217 and $109,731, respectively. Furthermore, the trading volume has increased by 32% in the last 24 hours, indicating a rise in interest among traders.

In the daily timeframe, the price is above the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, Relative Strength Index (RSI) slipped to 55, signaling a slowdown in buying pressure.

In contrast, Ethereum price continued to hold above $2,500 support, with the price changing hands $2,561 at the time of writing. The 24-hour low and high were $2,526 and $2,603, respectively.

In the daily timeframe, the price is above the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, Relative Strength Index (RSI) stayed at 55, signaling sluggish price action would continue this week.