Banco Bilbao launches the first Bitcoin trading service in Switzerland
Bank of Bilbao (BBVA) launched a Bitcoin trading service, after six months of testing with a select group of users. The new service will be available only in Switzerland and will be aimed exclusively at private banking customers. The financial services company limits the service to Switzerland, given the clear regulations and widespread adoption of crypto in the European nation.
The new service will include Bitcoin trading and custody services. In addition, the Bitcoin management system will be integrated into the company’s application. Investors will be able to see the performance of their Bitcoin investments alongside other assets, funds and investments.
The Bitcoin trading service will make it easy for people to invest and combine traditional and digital financial assets. However, Banco Bilbao will not offer any advice on this type of investment. Banco Bilbao also plans to expand it by adding support for other cryptocurrencies. (See Banco Bilbao stock chart on TipRanks)
“This gradual deployment has enabled BBVA Switzerland to test the operation of the service, to strengthen security and, above all, to detect that there is a strong desire among investors for crypto-assets or digital assets as a means of diversifying their portfolios. , despite their volatility. and high risk, ”said BBVA Switzerland CEO Alfonso Gómez.
BBVA Switzerland will offer a personalized wallet that people can use to exchange their Bitcoins for fiat currency and vice versa. The conversion process will be spontaneous and faster, thus avoiding the risk of illiquidity.
JPMorgan analyst Sofie Peterzens maintains a buy rating on the stock with a price target of $ 8.07, implying upside potential of 30.75% from current levels.
The consensus among analysts is a moderate buy based on 2 buy and 1 wait. Banco Bilbao analysts’ average price target of $ 7.12 implies upside potential of 15.40% from current levels.
BBVA scores 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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