One of Spain’s largest banks, the Swiss subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), has added Ethereum, the second-largest to its list of supported assets.
BBVA Switzerland Want to Meet the Growing Demand for Diversify investment Portfolios With Ethereum
According to the bank’s official announcement on December 13, it is the first European traditional financial institution to add the second largest cryptocurrency market cap ETH to its product line.
BBVA Switzerland CEO Alfonso Gomez said this move was driven by investors’ desire to diversify their investment portfolios:
“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 the regulation.”
In addition, customers with a New Gen account can access BTC and ETH. Ethereum and Bitcoin and other traditional investments are available in the BBVA app. According to BBVA Switzerland, it is the first traditional bank in Europe to include Ethereum in its services.
In June 2021, BBVA Switzerland opened Bitcoin transaction services to all private bank customers. Since then, the company’s customer interest has increased significantly. With Ethereum, financial service providers want to meet the growing demand for diversified crypto products.
“This step-by-step introduction enables BBVA Switzerland to test the operation of the service, to strengthen security and, above all, despite the volatility and the high risk of crypto assets or digital assets,” explains Alfonso Gome, CEO of BBVA Switzerland, Alfonso Gómez.
Bank Custody Service
The bank’s wealth custody service is greatly welcomed by clients willing to personally manage their investment portfolios and diversify their current holdings through more volatile digital assets. According to the bank, most of the demand comes from those willing to accept diversified services, including private and institutional investors.
BBVA Switzerland will also continue to expand its range of digital assets in the coming months. The bank has positioned itself as one of the leading products in the market for exposure to digital assets and is leading the way towards adopting cryptocurrencies.