BBVA Switzerland Becomes First Traditional Bank in Europe to Incorporate Ether into its Service

BBVA Switzerland Becomes First Traditional Bank in Europe to Incorporate Ether into its Service

BBVA Switzerland is the first traditional bank in Europe to incorporate Ether into its service, which has been added to the investment portfolio that already has Bitcoin.

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. Now Switzerland's private banking clients and customers with a New Gen account will be able to manage both Bitcoin and Ether. In the BBVA app, they can view these digital assets along with other traditional investments. They can also be automatically converted to euros, US dollars, or any fiat currency.

“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, state the bank. The greatest demand comes from investors who want to diversify their portfolios—from individual customers and family offices to institutional investors.

The goal of BBVA Switzerland is to continue expanding the portfolio of digital assets in the coming months. With this innovative offering, 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.

© 2021, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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