Spain’s Banking Giant Leaps Into Crypto: BBVA Now Offers Bitcoin & Ether Trading
Traditional finance's walls crumble as Spain's second-largest bank rolls out the red carpet for crypto.
BBVA just handed its 48 million customers a backstage pass to Bitcoin and Ether markets—no velvet ropes, just volatile digital assets. The move makes them the first Eurozone heavyweight to ditch 'just watching' for full-fledged trading.
Behind the scenes: A 180-degree pivot from 2021's 'crypto skepticism' era. Now? Institutional-grade custody meets retail-facing platforms. Traders get real-time settlement, while compliance teams sweat over anti-money laundering algorithms working overtime.
Why this matters: When regulated banks play ball, crypto's wild west days shrink. But let's not pop champagne—remember, these are the same institutions that needed bailouts to survive their own 'risk management' in 2008.
Spanish BBVA to offer settlement and custody for crypto swaps
The bank will offer its own native custody and settle all trades, not relying on external platforms. The bank is fully compliant with local regulations for offering crypto assets. The Spanish bank’s MOVE follows the opposite trend in the UK, where banks are tightening their controls with plans to ban crypto swaps or access.
“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. “Our goal is to support them as they explore digital assets, backed by the strength and security of a bank like BBVA.”
The inclusion of crypto follows the general expansion of bank-related fintech apps. The industry is expected to reach $394B in 2025, as more banking services shift to automation and app-based tasks.
BBVA expands to retail activity
BBVA has already made forays in crypto trading, though limiting the offers to accredited investors and large-scale traders. The bank first offered crypto services in Switzerland in 2021, later branching into the Turkish market through its subsidiary Garanti BBVA.
“Following this launch in Spain, BBVA has added another country to its digital assets service, which was first introduced in Switzerland in 2021, followed by Turkey in 2023,” said Francisco Maroto, head of digital assets.
Recently, the bank also recommended BTC to its accredited investors and wealthy clients. The bank has suggested a 7% portfolio allocation to crypto.
BBVA’s mobile offer arrives at a time when retail buying of crypto has slowed down, displaced by large-scale deals to build corporate treasuries. Some retail buyers may go through ETFs or ETPs, depending on market availability.
Direct mobile access appeals to newer cohorts of investors. The only obstacle to BBVA’s offer is the shift to third-party custody. The EU regulations have been stricter about self-custody wallet, requiring that all users declare and de-anonymize their wallets when interacting with brokerages.
Crypto ownership is expanding in the Euro area, with an estimated penetration of over 30%. By the end of 2026, a total of 268.15M users are expected to own at least some crypto assets. Europe has been targeted by multiple existing exchanges securing MiCAR licenses, while the move by BBVA shows banks may be ready to enter the game and offer their own infrastructure.
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