BBVA Switzerland expands its crypto custody service with Ethereum

BBVA Switzerland released its cryptoasset service last June and has today announced the addition of ether to the investment portfolio.

Private banking clients and customers of the company with a New Gen account will now be able to manage both bitcoins and ether. Users on the BBVA app can view the digital assets along with other traditional investments. These assets can automatically be converted to any fiat currency including euros and dollars.

Alfonso Gómez, CEO of BBVA Switzerland, said:

Alfonso Gómez, BBVA

Alfonso Gómez
Source: LinkedIn

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.

Since its commercial launch, BBVA Switzerland’s digital asset custody service has been accepted well among private banking customers and new investors. The service is popular with investors who want to diversify their portfolios seeing demand from individual customers, family offices, as well institutional investors.

BBVA services stretch across Latin American countries, where investors have extensive interest in all kinds of digital assets, as well as in Europe and Turkey.

The company noted in its official announcement that it plans to continue the expansion of its portfolio of digital assets in the coming months.

The new BBVA service is currently available in iSwitzerland, where there is clear regulation and high level of adoption of these digital assets.

The company said:

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.

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