BBVA's Swiss franchise has expanded its cryptocurrency custody and trading service, which now allows for ether operations. This cryptocurrency developed by Ethereum is the second most used cryptocurrency after bitcoin, and completes BBVA Switzerland’s pioneering offer.

BBVA Switzerland's cryptoasset service, which became operational for all customers last June, has taken yet another step forward with the addition of ether to the investment portfolio. Therefore, BBVA Switzerland’s private banking clients and customers with a New Gen account will be able to manage both bitcoins and this cryptocurrency. On the BBVA app, they can view these digital assets along with other traditional investments. They can also automatically be converted to euros, dollars or any fiat currency.

BBVA Switzerland is the first traditional bank in Europe to incorporate ether into its service.

"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," said Alfonso Gómez, CEO of BBVA Switzerland.

BBVA Switzerland’s new digital asset custody service has 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. The greatest demand comes from investors who want to diversify their portfolios - from individual customers and family offices to institutional investors.

In terms of geographic locations, BBVA underscores Latin American countries, where there is extensive interest in investing in all kinds of digital assets, but also in Europe and Turkey.

The goal of BBVA Switzerland is to continue expanding the portfolio of digital assets in the coming months. With this innovative offer, BBVA has positioned itself as a leading bank in the adoption of blockchain technology, thus making it easier for its customers to invest in this new digital world.

For now, BBVA is offering this new service in Switzerland as it has a very advanced blockchain ecosystem, with clear regulation and high level of adoption of these digital assets. Their 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.

Source: BBVA Switzerland
Date: 13.12.2021