BBVA, a Spanish banking giant, announced a partnership with SGX FX on October 02 to launch Europe’s first Markets in Crypto Assets compliant retail crypto trading services.
SGX FX is based in Singapore and is a subsidiary of Singapore Exchange Group. This initiative marks a pivotal moment for traditional finance’s embrace of digital assets, enabling BBVA’s retail customers to seamlessly access Bitcoin and Ethereum.
It is said that BBVA customers can buy, sell, and hold BTC and ETH directly through the bank’s mobile app and online platform. After this development, there is now no need for external exchanges or cumbersome transfers.
SGX FX has a robust backend infrastructure that delivers real-time pricing with advanced risk management and secure execution powered by global data centres.
BBVA is termed to have the second largest market with over 10 million retail clients, the platform paves the way for broader European rollout.
By leveraging SGX FX’s technology, BBVA is positioning itself at the forefront of a regulatory thaw that’s accelerating mainstream adoption. With Bitcoin surging past $100,000 amid global economic uncertainties, retail interest in crypto has spiked, and this move could catalyze competitors like Santander or Deutsche Bank to accelerate their own offerings.
BBVA’s partnership with SGX FX not only redefines retail banking in Europe but also signals a maturing crypto ecosystem where innovation meets prudence.
Several published reports say the adoption and usage of digital assets has grown in Spain over the past few years and is expected to reach roughly 15 million. As per CoinMarketCap, Bitcoin is the highest-viewed crypto in Spain, followed by XRP, Ethereum, and Solana.
With the skyrocketing adoption of cryptocurrencies worldwide, several nations and their traditional banks have launched services dedicatedly to the digital asset.