BBVA ventures into the crypto world

The bank's first approach to the blockchain world occurred in 2018 when it combined public and private blockchain in a live transaction.

In fact, a few days ago, together with Banco Santander, it joined the International Association for blockchain applications of the European Union (IATBA). The objective of this association is to promote the use of blockchain technology and "Unite Europe's Industries to Lead Blockchain Technologies" he pointed the diariobitco. What they seek is to achieve good practices and standards in the application of blockchain in the European Union.

Similarly, at the beginning of this year, BBVA quoted Carlos Kuchkovsky, head of Research and Development and Technology in the bank's Digital New Business unit when he stated: “the developments of open finance (open finance), decentralized applications (DApps), decentralized finance (DeFi), blockchain (…) will have a significant and positive impact on how banking can be more inclusive and at the same time contribute to sustainability"

With which, logically, the next step would be to offer crypto services. Although BBVA has not made this announcement publicly, collaborators close to the project revealed to Coindesk that BBVA will be “launching its crypto initiative across Europe from Switzerland".

From Switzerland? Switzerland has achieved international recognition as one of the most advanced nations in financial technology. In fact, they have their own “Crypto Valley” in Zug. Obviously, this has to do with favorable legislation and the government's interest in promoting these technologies. In this way, it is home to many blockchain and crypto companies.

On the other hand, the aforementioned collaborators revealed that this project could start promoting early next yearThis is because they still have "compliance obstacles" that they must overcome to start operations correctly.

What could be the scope of the new service? Custody, investment management and trading of cryptocurrencies.

Apparently they would be using the same digital asset custody software used by Russian bank Gazprombank (which recently received the authorization to offer cryptocurrency transaction services on behalf of the Swiss Financial Market Supervisory Authority). The software is called "SILO". This software is built and implemented by banking software provider Avaloq and Swiss crypto fintech METACO.

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Marilú Lazo
Lawyer from the Pontificia Universidad Católica del Perú (PUCP). Director of The Crypto Legal Blog, she has experience in corporate advice, consumer protection, as well as in matters of personal data protection and new technologies.

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