BBVA Integrates USDC For Swiss Clients – Speedier Transactions & Crypto Management

Monicah W

In a significant step for the financial sector, BBVA has announced that its institutional and private banking clients in Switzerland can now manage Circle’s stablecoin, USD Coin (USDC), alongside traditional investments. This move, revealed in a press release on September 9, introduces a new level of convenience and efficiency for clients looking to navigate the increasingly complex world of digital finance.

The integration of USDC into BBVA’s platform allows clients to exchange, custody, and convert the stablecoin into euros, U.S. dollars, or other currencies. This enhancement is designed to streamline transactions, providing a faster and more flexible financial experience. According to Philippe Meyer, BBVA Switzerland’s head of digital solutions and blockchain, this addition is particularly beneficial for institutional clients such as investment fund managers who rely on stablecoins for trading cryptocurrencies across various exchanges.

Meyer emphasized that the move reflects BBVA’s commitment to addressing the evolving needs of its clients. “Institutional clients need us to provide options to guarantee the assets they manage,” he said. Meyer also hinted at future expansions, noting that the bank is actively analyzing client requirements to enhance its offerings further. However, it remains to be seen whether BBVA will support USDC on all networks, including Coinbase’s Base layer-2 solution.

This latest development follows BBVA’s 2023 migration to Metaco’s Harmonize platform, a blockchain infrastructure provider owned by Ripple. The Harmonize platform facilitates connections to multiple blockchain networks, enabling more efficient and streamlined transactions. BBVA’s commitment to integrating blockchain technology aligns with its broader strategy of enhancing digital financial services.

In addition to Switzerland, this service is available through BBVA’s Turkish subsidiary, Garanti BBVA Digital Assets. Clients in Türkiye can also trade other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX), reflecting BBVA’s broader strategy of integrating digital assets into traditional financial services.

Also Read: Nigerian SEC Approves Busha And Quidax – A Milestone In Crypto Regulation With ARIP’s First Two Successes

BBVA’s move to incorporate USDC represents a notable shift in the banking sector’s approach to cryptocurrency, highlighting the growing acceptance of digital assets in mainstream financial operations. As the bank continues to adapt to the evolving digital landscape, it will be interesting to see how this integration impacts both institutional and private banking clients in Switzerland and beyond.

Related Posts

Sygnum Allows Staked Solana as Loan Collateral for Liquidity and Passive Income

Sygnum announced today that it’s adding staked Solana to its portfolio of tokens eligible to use as loan collateral. This will allow institutional clients to access fiat liquidity and staking rewards at the same time.

The firm already accepts Solana and at least 20 other tokens for loan collateral, but this is its first staking option. Booming institutional demand caused Sygnum’s loan volumes to double in one year, encouraging the company to diversify.

Staked Solana at Sygnum

Sygnum, a Swiss-Singaporean digital asset bank, began offering crypto staking nearly four years ago. The firm has since diversified its interests, securing a crypto brokerage license in 2023 and achieving unicorn status with a massive funding round earlier this year.

Today, Sygnum offers another staking service by letting staked Solana act as collateral for Lombard loans.

To be clear, Lombard loans are a specialized type of loan that bears no relation to Lombard Protocol, a crypto staking firm. These products are typically offered to high-net-worth individuals or institutional investors, and Sygnum is offering this Solana deal to the latter category.

Sygnum already accepts over 20 different tokens as collateral for these loans, but this is its first staked option. The bank offers several key advantages for clients who pledge staked Solana.

For one thing, the loans are low-cost because a large chunk of the staking rewards goes towards paying the usual fees. Clients pledging regular Solana tokens have to pay significantly more and do not receive any passive income. Sygnum hopes that this new collateral option will appeal to clients:

“By enabling staked Solana as collateral, we’re addressing a key client need to optimize yield while maintaining liquidity. This enhancement builds on our proven track record in crypto-backed lending, recently demonstrated by our $50 million Bitcoin-backed syndicated loan to Ledn last August,” claimed Benedikt Koedel, Head of Credit & Lending at Sygnum.

Last November, the firm’s published research suggested a growing institutional demand for crypto exposure. Its recent experience corroborates this data, as Sygnum claimed that institutional demand caused its own loan volumes to double in the last year.

Staked Solana will help develop Sygnum’s loan collateral portfolio to meet this increased demand.

The bank’s in-house custody service will offer full segregation of client positions on-chain, instead of a pooled solution that mingles assets together.

Sygnum will also stake Solana itself through channels like its “user interface, API integration, or client relationship managers.” These tools ensure security and flexibility for all institutional clients.

The post Sygnum Allows Staked Solana as Loan Collateral for Liquidity and Passive Income appeared first on BeInCrypto.