Barely a year and a half ago, BBVA, through its subsidiary in Switzerland, launched an innovative range of products for private and institutional private banking customers through the New Gen service, which combines investment in traditional assets with trading and custody of crypto assets.
Originally, cryptocurrency transactions were always seen as a 100% citizen-owned operation, both in terms of exchange and custody. As the ecosystem has grown, with an increasing number of protocols and use cases, it has become a more complex space, which requires the involvement of other actors to safeguard security and trust. Likewise, users operating with blockchain technology demand higher levels of sophistication in infrastructure and mechanisms to ensure solutions that minimize operational and counterparty risks.
The financial sector, and banks in particular, are certainly not immune to this far-reaching transformation. “We are facing a time of unprecedented technological convergence that involves major changes in the strategies of different sectors. Together with the technology sector itself, one of the areas that will be most closely involved is the financial industry. We must increase our sensitivity to change and provide a transforming vector that creates real value for society. We must become faster, more efficient, more predictable and, therefore, more reliable,” said Alfonso Gómez, CEO of BBVA Switzerland.
Custody has always been the historical core business of banks. This is where we can bring greater comfort to regulators, not only because of our own experience in this area, but also because of our ability to integrate both worlds within the same framework, with all the benefits this entails for our customers.