BBVA, Spain’s second largest bank, will begin offering cryptocurrency trading and custody services, according to a report from CoinDesk on Dec. 8.

• Sources told CoinDesk that the bank would offer crypto services out of Switzerland, where regulation favors the cryptocurrency market
• The bank is aiming to offer the service across Europe, with a launch slated for January 2021
• BBVA embraced cryptocurrencies and blockchain technology as far back as 2018, and Executive Director Jose Manuel Gonzalez Paramo has endorsed the various benefits of digitalization 
• Operating in over 30 countries and holding more than $820 million in assets, BBVA has a strong presence in Southern Europe and the Americas
• More favorable regulation has spurred banks in different countries to rethink cryptocurrency offerings, including Singapore’s largest bank, DBS
• However, the vast majority of developments have been in relation to CBDCs, with China, Australia and the European Central Bank pioneering initiatives