Spain’s second-largest bank with about $840 billion in assets, BBVA, is reportedly launching cryptocurrency trading and custody services in the next few months,sources say.

Institutional investors have put in $429 million into cryptocurrency funds and products the week ending on December 7, the second-highest on record, pushing the sector’s assets under management to a $15 billion all-time high.

Square has announced support for the use of renewable energy in bitcoin mining with its new Bitcoin Clean Energy Investment Initiative. The firm is committing $10 million to support companies that “help drive adoption and efficiency of renewables within the bitcoin ecosystem.”

Top stories in the Crypto Roundup today:

• Spanish Banking Giant BBVA Could Soon Launch Crypto Services
• Crypto Fund Investment Inflows Hit Second-Highest Level on Record
• Square Announces Support For Use of Renewable Energy in Bitcoin Mining
• BEL, THETA, TFUEL Are Moving in the Crypto Market

Spanish Banking Giant BBVA Could Soon Launch Crypto Services

Spain’s second-largest bank with about $840 billion in assets, BBVA, is reportedly launching cryptocurrency trading and custody services in the next few months, CoinDesk reports citing two sources familiar with the bank’s plans.

BBVA will reportedly offer the cryptocurrency services from Switzerland is awaiting regulatory approvals. One source with knowledge of the plans reportedly said:

"There are still some compliance hurdles so this will not be in December, but I expect they [BBVA] will be live next month."

The Spanish banking giant is said to be working with Swiss fintech firm Avaloq and crypto custody infrastructure provider METACO to integrate their custody solution SILO, which has already been used by Russia’s Gazprombank to launch crypto custody services in Switzerland.

Crypto Fund Investment Inflows Hit Second Highest Level on Record

Institutional investors have put in $429 million into cryptocurrency funds and products the week ending on December 7, the second-highest on record, pushing the sector’s assets under management to a $15 billion all-time high.

Data from digital asset manager CoinShares shows that at the end of last year, assets under management were at $2.57 billion in the crypto space. The largest crypto fund, Grayscale, saw inflows of over $330 million last week, and now has over $12.4 billion in assets under management.

James Butterfill, an investment strategist at CoinShares, noted that on an anecdotal level the firm has seen “a decisive shift from inquiries of a speculative nature” to inquiries pointing out bitcoin is “here to stay.”

The largest weekly inflow on record was $468 million and was seen three weeks ago. So far this year inflows for bitcoin-focused products have totaled nearly $4 billion.

Square Announces Support For Use of Renewable Energy in Bitcoin Mining

Square has announced support for the use of renewable energy in bitcoin mining with its new Bitcoin Clean Energy Investment Initiative. The firm is committing $10 million to support companies that “help drive adoption and efficiency of renewables within the bitcoin ecosystem.”

The announcement came as Square revealed it aims to become a net-zero carbon contributor by 2030. Square said it mapped out a path towards that goal, which involves lowering its own carbon footprint and scaling a verified carbon removal portfolio.

Square’s CEO Jack Dorsey, said the firm believes “cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”

BEL, THETA, TFUEL Are Moving in the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

Bela Protocol (BEL) - Bella Protocol aims to solve current pain points in the DeFi user experience, such as high gas fees and a steep learning curve, and to onboard more users into the DeFi ecosystem. BEL is up 20.4% in the last 24 hours.

Theta Token (THETA) – The native token of the decentralized video delivery network Theta has moved up nearly 7% in the last 24 hours.

Theta Fuel (TFUEL) – Theta Fuel, which can be earned on the THETA.tv platform for watching streams and automatically sharing upload bandwidth, has moved up 24.2% in the last 24 hours.

State of the Crypto by Top Tier Exchange Volume

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