Spanish banking giant BBVA is said to be launching crypto trading and custody services

BBVA, Spain's second-largest bank, is reportedly launching cryptocurrency trading and custody services in the coming months.

CoinDesk reported the news on Monday, citing "two people familiar with the plans." BBVA will reportedly offer the services from Switzerland and is awaiting regulatory approvals.

"There are still some compliance hurdles so this will not be in December, but I expect they [BBVA] will be live next month," one source with knowledge of the plans told CoinDesk.

BBVA is said to be working with Swiss fintech Avaloq and Swiss crypto custody infrastructure provider METACO for integrating their custody solution SILO. Russia's Gazprombank also recently launched its crypto custody services in Switzerland via SILO. METACO is also known to be working with Standard Chartered for the bank's planned crypto custody offering.

BBVA, METACO, and Avaloq all declined to comment to CoinDesk.