Cecabank’s Collaboration with Bit2Me
Cecabank, a notable player in the Spanish banking sector, is set to collaborate with Bit2Me, a cryptocurrency exchange, to develop a platform aimed at facilitating cryptocurrency services for banks across Europe. This initiative hinges on receiving formal approval from Spain’s regulatory authorities overseeing financial markets.
Details of the New Platform
In a recent announcement, Bit2Me detailed that their joint offering will be ready to comply with the Markets in Crypto-Assets (MiCA) framework, which aims to provide clearer regulations within the crypto space. The new platform aims to provide critical services such as crypto custody and order reception and transmission (RTO) to traditional financial institutions. While Bit2Me will oversee trading and support for a diverse portfolio of over 100 cryptocurrencies, Cecabank’s role will focus on banking infrastructure and regulatory compliance.
Aurora Cuadros, the corporate director for securities services at Cecabank, highlighted that this partnership underscores their commitment to becoming a trusted provider of post-trade services within the digital asset realm, building on their existing capabilities in fiat currency custody.
Streamlining Financial Institutions’ Entry to Cryptocurrency
The proposed platform aims to streamline the process for financial institutions looking to venture into the cryptocurrency market, providing customizable tools designed to align with each bank’s specific needs under MiCA regulations.
Other Banks Exploring Cryptocurrency Services
Cecabank is not the only bank in Spain exploring the intersection of traditional banking and cryptocurrency; BBVA, the nation’s second-largest lender, is also gearing up to launch a crypto trading service. This service will enable BBVA customers to engage with Bitcoin and Ethereum directly within their banking experience, with the bank managing custody through its own systems, eliminating the reliance on external service providers.
