Banco Bilbao (BBVA) has launched a Bitcoin trading service, following six months of testing with a select group of users. The new service will be available only in Switzerland and will target private banking clients exclusively. The financial services company is limiting the service to Switzerland, given the clear regulation and widespread crypto adoption in the European nation.
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The new service will include trading of Bitcoin and custody services. Additionally, the Bitcoin management system will be integrated into the company’s app. Investors will be able to view the performance of their Bitcoin investments alongside other assets, funds and investments.
The Bitcoin trading service will make it easy for people to invest and combine traditional and digital financial assets. However, Banco Bilbao will not offer any advice on this type of investment. Banco Bilbao also plans to expand it by adding support to other cryptocurrencies. (See Banco Bilbao stock chart on TipRanks)
“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” said BBVA Switzerland CEO Alfonso Gómez.
BBVA Switzerland is to offer a personalized wallet that people can use to exchange their Bitcoins into fiat currency and vice versa. The conversion process will be spontaneous and faster, thus averting the risks of illiquidity.
JPMorgan analyst Sofie Peterzens maintains a Buy rating on the stock with an $8.07 price target implying 30.75% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 2 Buys and 1 Hold. The Banco Bilbao average analyst price target of $7.12 implies 15.40% upside potential to current levels.
BBVA scores 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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