Spanish banking heavyweight Banco Bilbao Vizcaya Argentaria SA (NYSE:BBA), better known as BBVA, said Monday it secured regulatory consent to launch trading services for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the country.
What Happened: BBVA received approval from Spain’s securities regulator, Comisión Nacional del Mercado de Valores, to offer trading services for the two largest cryptocurrencies by market capitalization, a Reuters report said. The bank, the second-largest in Spain after Banco Santander, is gearing up to introduce a service that will allow its customers to purchase, sell, and manage transactions securely via its app.
This move by BBVA comes on the heels of similar initiatives by other European banks. Earlier this year, Italy’s largest bank, Intesa Sanpaolo, made a foray into the cryptocurrency market with a $1 million ‘test’ investment in Bitcoin.
Price Action: Shares of BBVA closed 2.09% higher at $14.15 during Friday’s regular session, according to data from Benzinga Pro.
Photo by Marisha on Shutterstock
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