BBVA Enhances Institutional Crypto Solutions With USDC Integration
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BBVA has integrated stablecoin USDC into its services in Switzerland, allowing institutional clients to manage USDC alongside traditional investments. This move enhances efficiency and enables faster, secure crypto trading. The USDC addition follows previous integrations of bitcoin and ether, expanding BBVA’s digital asset solutions for clients.
BBVA Adds USDC to Enhance Institutional Crypto Services in Switzerland
Spanish banking giant BBVA announced on Monday that it has incorporated stablecoin USD Coin (USDC) into its crypto asset services in Switzerland to enhance efficiency for institutional clients.
BBVA’s Switzerland-based institutional and private banking clients can now manage their USDC funds alongside traditional investments. The bank noted:
They can exchange, custody, or automatically convert USDC in near real-time into euros, dollars, or any other currency.
“This incorporation also allows BBVA’s institutional clients to manage their operations on cryptocurrency exchanges more efficiently and faster. Investment fund managers and other large companies often use stablecoins, such as USDC, to trade cryptocurrencies in different crypto exchanges, thus completing the transactions more quickly. They also provide a way to hedge against the volatility of other cryptocurrencies, by converting assets into stablecoins to preserve value during market fluctuations,” the bank further shared.
Launched in 2018 on the Ethereum blockchain by Circle and backed by Coinbase, USDC provides price stability and faster transaction speeds. It is also regularly audited to ensure compliance with U.S. anti-fraud regulations. This addition marks BBVA’s third cryptocurrency integration, following bitcoin and ether, furthering its commitment to offering clients innovative solutions for managing digital assets.
Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA, stated:
Our institutional clients need us to provide options to guarantee the assets they manage. We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.
Source : Bitcoin News - Sep 10, 2024