BBVA Switzerland Expands Crypto asset Service with Ether

December 13, 2021 - Around 2 mins mins to read

BBVA’s Swiss subsidiary has enlarged its cryptocurrency custody and trading service to include ether transactions. This Ethereum-developed cryptocurrency is the second most popular cryptocurrency after bitcoin, and it completes BBVA Switzerland’s pioneering offer.

BBVA Switzerland Expands Crypto asset Service with Ether — *Source: Shutterstock*

BBVA Switzerland’s cryptoasset service, which became available to all customers in June, has advanced still more with the inclusion of ether to the investment portfolio. As a result, private banking clients and New Gen account holders will be capable of handling both bitcoins and this cryptocurrency. They may examine these digital assets alongside other traditional investments on the BBVA app. They may also be changed to euros, dollars, or any other fiat money instantly.

The bank is Europe’s first traditional bank to integrate ether into its operations.

Alfonso Gómez, CEO of BBVA Switzerland, said:

“We decided to add ether to our cryptoasset ‘wallet’ because, together with bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with regulation,”

Since its commercial introduction, BBVA Switzerland’s innovative digital asset custody service has been very well appreciated by private banking customers and new investors who choose to individually manage their portfolios through New Gen. Individual clients, family offices, and institutional investors are among the most interested in diversifying their portfolios.

In terms of geographic areas, the bank emphasizes Latin American nations, where there is a high level of interest in investing in various types of digital assets, as well as Europe and Turkey.

BBVA Switzerland intends to continue developing its digital asset portfolio in the coming months. With this unique service, BBVA has established itself as a forerunner in the use of blockchain technology, making it simpler for its customers to invest in this emerging digital world.

For the time being, the bank is only delivering this new service in Switzerland, where the blockchain ecosystem is well mature, with clear rules and a significant degree of usage of these digital assets. Their development into other countries or to different categories of clients will be contingent on whether the markets satisfy the necessary requirements in terms of maturity, demand, and regulation.

Patrick

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