BBVA Launches Third Crypto Offering Alongside AI-Driven Innovations
BBVA Switzerland launches its third crypto offering. | Credit: Education Images / Getty Images.
Key Takeaways
- BBVA is expanding its crypto trading services to include USDC for clients in Switzerland.
- The bank already offers Bitcoin and Ether services.
- BBVA recently signed a deal with ChatGPT-maker OpenAI.
Spanish multinational bank BBVA announced on Monday Sept. 9 that it is expanding its crypto offerings to include USD Coin for private and institutional clients in Switzerland.
The move marks the bank’s third crypto offering, alongside the service of Bitcoin and Ether, as it continues to innovate with decentralized finance and AI.
BBVA Adds USDC
The bank’s private and institutional clients in Switzerland can now manage USDC funds in the same place they manage their traditional finances.
USDC is one of the leading stablecoins. A stablecoin is designed to have a stable value by being pegged to a reserve asset, in this case, the US dollar.
Stablecoins can be used to trade cryptocurrencies in different crypto exchanges, often to make transactions more efficient. The coin intends to maintain a 1:1 value with the US dollar, easily integrating it with traditional finance.
“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland.
“We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions,” he added.
USDC Joins Bitcoin and Ether at BBVA
In June 2021, BBVA began offering its Switzerland customers bitcoin trading and custody services. Several months later, BBVA Switzerland became the first traditional bank to offer Ether to its customers.
The bank’s customers are able to view the digital assets alongside their traditional investments, while also converting them into a preferred currency.
At the time of launch, Alfonso Gómez, CEO of BBVA Switzerland, said : “We decided to add the ether to our ‘portfolio’ of crypto assets because, with bitcoin, it is the protocols that arouse the most interest among investors, while offering all the guarantees to comply with the regulations.”
BBVA OpenAI Agreement
BBVA has focused on integrating AI into its operations – including AI-driven analysis, AI-powered virtual assistants, and automation .
The Spain-based bank has been running what it calls ‘AI Factories’ for over ten years. An AI Factory comprises analysts, data specialists, and engineers working together to unlock new AI solutions that can be deployed within the bank and to the bank’s clients.
The bank ramped up its AI focus in May when it signed a strategic agreement with ChatGPT-maker OpenAI, making it the first European bank to align with the AI giant.
Ricardo Martín Manjón, global head of data at BBVA, said the bank wanted to further “promote our role as pioneers when it comes to innovating in financial services, and we are therefore firmly committed to exploring the potential of this technology.”
As part of the agreement, the bank has deployed OpenAI’s technology to its employees to boost productivity and efficiency.
“We believe that generative AI, when used safely and responsibly, is a game-changer in how we support our customers in their decisions and offer personalized services. It also happens to stimulate creativity among our employees,“ Manjón added.
CCN reached out to BBVA for commentary but did not receive a reply at the time of publishing.
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