Bison Bank, a bank licensed by the Banco de Portugal, has announced a new subsidiary – Bison Digital Assets. The bank states that this is the first virtual asset service provider (VASP) in Portugal operated by a regulated bank.
Bison Digital Assets aims to provide a reliable means for crypto exposure in a seamless and controlled way for Institutions or high-net-worth individuals with accounts held at the Bank. Account holders will gain instant access and fast settlement for multiple pairs between cash equivalents and digital assets like Bitcoin and Ethereum.
Bison Digital Assets benefits from 20+ years of expertise in custody and governance vital in providing banking services.
Bison Digital Assets seeksto become a bridge between cash equivalents and digital assets, making it easier for customers to navigate the world of digital assets and to take advantage of blockchain, and the firm is planning to enable on-chain deposits and withdrawals.
Bison Digital Assets will accept EUR, USD, GBP, and RMB via Bison Bank. Bison Digital Assets will connect with several liquidity providers for the best price execution, and all assets are said to be held 1:1.
António Henriques, Bison Digital Assets’ CEO, commented:
“Bison Digital Assets will bring together Bison Bank’s efforts of bringing cutting-edge financial services to customers. Our commitment is to lead the way in innovation for the banking industry in Portugal and most importantly the world. We’re effectively building the perfect bridge between traditional and digital finance.”