BBVA Switzerland adds Ether to crypto custody and trading service

Rick Steves

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.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<