BBVA Switzerland opens its first Gas Station
Belén Villar Client Solutions
At BBVA Switzerland, we are constantly working to evolve our cryptoasset trading and custody services, moving forward in our goal of leading the transformation of banking globally and giving everyone access to the opportunities of this new age. Thus, we have integrated into our operating system the Gas Station, an innovative digital service created by Avaloq and Crypto Finance that will enable our clients to trade digital assets 24/7 (bitcoin and ether) without having to worry about mining/gas fees derived from the Blockchain.
With the aim of improving efficiency in digital asset transactions, our technological partners Avaloq and Crypto Finance have cooperated to design a digital service to overcome some of the operational challenges of segregating our clients’ digital assets.
What is the Gas Station and how does it work?
This solution allows us to reduce the complexity of Blockchain operations without compromising the safe custody of digital assets for our clients. The Gas Station allows us to bear the transactional costs of Blockchain trading, which until now were borne by the client, and allows them to immediately transfer complete amounts, without holding digital asset positions on our balance sheet. All of this undoubtedly contributes to a better customer experience and enhances the security of our service, while minimizing its complexity and any potential counterparty risk.
Jan Brzezek, CEO of Crypto Finance AG, says, “As a regulated provider in the crypto space, we are pleased to offer this new setup to simplify crypto transactions for clients. At Crypto Finance, we are committed to offering the best-in-class service to clients and creating innovative and sustainable solutions that can resolve client issues and facilitate transactions.”
“We have the responsibility to create these new paths of investments”
At BBVA Switzerland, we are firmly focused on driving our vision of banking of the future and, responding to evolving needs in terms of diversification, today our clients can combine the best of both worlds: investing in traditional and digital assets in the same portfolio with maximum guarantees of security and experience. “When we realized how strong blockchain technology was, we decided to analyze where the potential business opportunities were for the BBVA Group and BBVA Switzerland, and, even more crucially, how we can put these opportunities in the hands of our customers. We have the responsibility to create these new paths of investments”, says Alfonso Gómez, CEO of BBVA Switzerland.
