BBVA Switzerland becomes the first traditional bank in Europe to add Ethereum to its crypto offering
BBVA’s Swiss franchise announced adding Ethereum to its cryptocurrency custody and trading service.
BBVA Switzerland made its Bitcoin trading and custody service available to all its private banking clients back in June.
By expanding its initial crypto offer, BBVA Switzerland became the first traditional bank in Europe to include Ethereum into its service.
— BBVA (@bbva) December 13, 2021
“We decided to add Ether to our crypto asset ‘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,” said Alfonso Gómez, CEO of BBVA Switzerland.
The bank revealed its plans to continue expanding their cryptocurrency portfolio in the coming months, “thus making it easier for its customers to invest in this new digital world.”
The announcement added that the “expansion to new countries or other types of customers will depend on whether the markets meet the right conditions in terms of maturity, demand and regulation.”
Starting with Bitcoin
The Spanish banking giant’s Swiss franchise launched its crypto offer back in June.
“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” explained Gómez following the launch of Bitcoin trading and custody service.
BBVA Switzerland’s private banking clients and customers with a New Gen account can view Bitcoin and Ethereum along with other traditional investments on the BBVA app.
New Gen is the bank’s 100% digital investment account, which can be accessed with an initial deposit of $10.000–available for residents of the European Union, Mexico, Colombia, Argentina, Peru and Chile, among others.
The account offers access to a catalog of companies and funds, and features a cryptocurrency wallet.