Traditional bank Cecabank teams up with crypto platform for banking-level trading and storage solutions.
Spanish lender Cecabank unites with cryptocurrency exchange Bit2Me to present a MiCA-compliant digital asset platform for traditional financial institutions, pending authorization from Spain's securities regulator.
In a press release issued on Monday, the exchange announced the platform would encompass crypto custody and Reception and Transmission of Orders (RTO) services. While Bit2Me will manage trading, market data, and custody for more than 100 cryptocurrencies, Cecabank will offer regulatory support and banking infrastructure.
"Through this alliance, Cecabank solidifies its roadmap as a leading provider of post-trade services in the digital asset space, reflecting our position as a notable player in FIAT custody," stated Aurora Cuadros, Corporate Director of Securities Services at Cecabank.
The platform is designed to provide European financial institutions with a more expedient and compliant means of entering the crypto market. It features tools customizable to cater to each bank's needs under MiCA guidelines, according to the companies.
Notably, other Spanish banks are also considering crypto integration, with BBVA, the second-largest bank by assets, planning a new crypto trading service that will allow customers to buy and manage Bitcoin and Ethereum alongside their traditional banking tasks. By keeping crypto transactions within its own platform, BBVA hopes to eliminate the need for third-party providers.
Another significant player in the crypto sphere, Robinhood, recently launched crypto services in Spain.
Recent advancements in the Spanish banking sector underscore a broader shift among traditional banks toward incorporating cryptocurrency-related services, fallowing regulatory alignment with European standards. This trend reflects broader developments in digital finance as traditional institutions seek to enhance customer engagement, diversify investment options, and comply with evolving regulatory requirements.
- The digital asset platform developed by Bit2Me and Cecabank will support cryptocurrency custody and Reception and Transmission of Orders (RTO) services, including more than 100 cryptocurrencies.
- Aurora Cuadros, Corporate Director of Securities Services at Cecabank, stated that this alliance positions Cecabank as a leading provider of post-trade services in the digital asset space.
- The new crypto trading service planned by BBVA, the second-largest bank by assets, aims to allow customers to buy and manage Bitcoin and Ethereum alongside their traditional banking tasks, eliminating the need for third-party providers.
- recognizes the trend of traditional banks incorporating cryptocurrency-related services, aligning with European standards, and seeking to enhance customer engagement, diversify investment options, and comply with evolving regulatory requirements.
