BBVA Switzerland adds Ether to crypto custody and trading service
The New Gen account is offered to any user from around the world except for the US, with a minimum investment of $10,000 or its equivalent.
BBVA Switzerland has expanded its cryptocurrency custody and trading service to include Ether, the cryptocurrency developed by Ethereum and the second most used crypto after bitcoin.
BBVA Switzerland’s cryptoasset service became operational for all customers in June 2021, thus allowing private banking clients and customers with a New Gen account to manage Bitcoin, until now.
First Bitcoin, now Ether
The inclusion of Ether is a milestone for BBVA Switzerland, which becomes the first traditional bank in Europe to incorporate ether into its service.
The BBVA app lets users not only view these digital assets along with other traditional investments, but also automatically convert them to euros, dollars, or any fiat currency.
Alfonso Gómez, CEO of BBVA Switzerland, commented: “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.”
The digital asset custody service is said to have been very well received among private banking customers and new investors who opt to personally manage their portfolios through New Gen since its commercial launch.
Latin America, Europe, and Turkey
According to BBVA, Latin American countries concentrate the most crypto enthusiastic clients, but there is also extensive interest in investing in all kinds of digital assets in Europe and Turkey.
BBVA Switzerland plans to expand the portfolio of digital assets further in the coming months as the bank positions itself as a pioneer in the adoption of blockchain technology.
Switzerland is home to a crypto friendly environment fostering innovation for the very advanced blockchain ecosystem, with clear regulation and high level of adoption of these digital assets.
BBVA’s New Gen
The New Gen account allows customers to invest in a positive, conscious, and committed way because at BBVA we believe that today’s investments are what will define the future, said Alfonso Gómez, CEO, BBVA Switzerland.
Based on this, BBVA has come up with a set of 11 themes of investments that include fields as diverse as circular economy, robotics, autonomous vehicles, genetic research, etc which it hopes would be attractive to its clients.
Users also get access to a cryptocurrency wallet and can join any of these themes with investments as low as $10,000 or its equivalent and this has been thrown open to any user from around the world except for the US.
This is in contrast to the approach of other banks that are trying to restrict the number of users entering into their various fund schemes by keeping the initial investment high.
BBVA is looking to lower the entry bar in the hope that more users with specific interests would be able to enter into the funds and this would be a win-win situation for all.
This would also bring in a lot of involvement from smaller investors and help the field to grow in due course of time. The investors would also be able to experience the full range of online services that are provided by BBVA and this would, in turn, help the bank to grow its business further.