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BBVA expands crypto services to include USD Coin

Web3/Crypto
Webp vila
BBVA Chiar Carlos Torres Vila | BBVA website

BBVA announced it is expanding its cryptocurrency custody and trading services to include USD Coin (USDC). This addition will benefit the bank’s institutional and individual account holders in Switzerland.

According to an announcement on BBVA's website, the expansion will allow its banking clients to transfer value more efficiently with blockchain and secure their stablecoins into BBVA’s vault. Additionally, BBVA’s Swiss institutional and private banking clients, as well as holders of NewGen accounts, can now manage their USDC funds and traditional investments on the same platform. These customers can exchange, custody, or automatically convert USDC in near real-time into euros, dollars, or any other currency.

According to the press release, USDC—backed by liquid cash and cash-equivalent assets—is a stablecoin with price parity to the U.S. dollar. Powered by blockchain technology, the stablecoin has less volatility compared to other crypto-assets. USDC is redeemable at 1:1 for U.S. dollars.

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This is the third cryptocurrency that BBVA has added to its digital asset service in Switzerland. "We want to offer our private clients simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage," Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland, said in the press release. "We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions," Meyer said.

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New crypto regulations aim to keep startups from 'sailing away' to the U.S.

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OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

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Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

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Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

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