The crypto ecosystem in Europe is entering a phase of strong growth as Garanti BBVA, owned by the Spanish financial group #BBVA , prepares to offer cryptocurrency trading services to the public. This is a clear sign that more and more large banks in Europe will engage in this field in the near future.
The breakthrough of Garanti BBVA Crypto
Garanti BBVA Crypto, the cryptocurrency custody platform of Garanti BBVA – the fifth largest bank in Turkey, has officially partnered with the Bit2Me exchange to implement crypto trading services. After a limited testing phase starting in January 2024, this service is expected to be expanded to the public in 2025.
Bit2Me, founded in 2014 in Spain, will take on the role of executing transactions for Garanti BBVA. According to Abel Peña, Business Director of Bit2Me, many other banks in Europe are also preparing to launch trading services, especially as the Markets in Crypto-Assets (MiCA) regulation comes into effect across the European Union on December 30, 2024.
Support from MiCA regulation
#MiCA one of the most comprehensive legal frameworks for cryptocurrencies, providing transparency and safety for the crypto market in the EU. This encourages large banks to participate in the field of crypto trading.
Abel Peña shares:
"I believe that by 2025, many banks in Europe will provide crypto trading services to their customers. We are closely collaborating with over 50 financial institutions across Europe and internationally. The first services are expected to launch in the first quarter of 2025."
BBVA: A pioneer in the industry
BBVA, the financial group with assets worth $857 billion (2023) and the second largest bank in Spain, plays an important role in bringing crypto closer to users.
BBVA's participation in this field not only sets an important precedent but also opens the door for other banks to follow suit, thereby promoting the popularity of cryptocurrencies in the traditional financial system.
The future of the European financial industry
The crypto trading service from Garanti BBVA Crypto is a bold move, forecasting a wave of innovation in the banking sector in Europe. As more banks join in, consumers will have more opportunities to access crypto in a safe and regulated environment.
With the support of clear legal frameworks and collaboration with reputable exchanges, Europe is demonstrating its pioneering position in the global crypto revolution.