After introducing Bitcoin services earlier in June, BBVA has now disclosed that its Swiss operations will integrate Ethereum into their suite of crypto custody and trading solutions.
This strategic update enables BBVA's private banking clients to gain control over their cryptocurrency assets, including both Bitcoin and Ethereum. on the bank’s platform and BBVA’s app .
BBVA Embraces Ethereum
By integrating Ethereum into its investment services, BBVA is providing customers with the flexibility to access both Ethereum and Bitcoin through their New Gen accounts.
New Gen, BBVA’s virtual investment account, offers clients the opportunity to start investing with a $10,000 deposit, a feature available to residents of the European Union, Mexico, Colombia, Argentina, Peru, Chile, and more.
Discussing the expanded crypto services, BBVA Switzerland’s CEO, Alfonso Gómez, remarked:
\"Ethereum was included in our suite of crypto assets as it not only attracts significant investor interest but also ensures compliance with regulatory standards, alongside Bitcoin.\"
The bank's long-term vision involves broadening its crypto asset selections, streamlining access for customers in this burgeoning digital realm, \"to facilitate investments in these emerging digital markets.\"
With the inclusion of Ethereum, BBVA distinguishes itself as the first conventional bank in Europe to integrate Ethereum into its existing services.
This isn't BBVA's initial venture into digital currency investments. Earlier in June, the bank introduced Bitcoin-specific custody and trading solutions which have proven advantageous for their private banking clientele.
\"The phased introduction enabled BBVA Switzerland to refine its operational processes, enhance security measures, and identify a substantial appetite among investors for diversifying with digital or cryptocurrency assets, despite inherent risks and market volatility,\" as Gómez highlighted.
In a recent announcement, the bank outlined its plans for potential global expansion:
\"Expanding to new markets or attracting diverse customer segments will hinge on those markets meeting necessary criteria regarding maturity, demand, and regulatory compliance.\"
Since early 2021, the market capitalization for digital assets has seen a considerable surge. While Bitcoin remains the leading cryptocurrency, Ethereum and other altcoins have shown their staying power.
Trends like NFTs, DeFi, and the anticipated Metaverse have shifted investor focus towards diversifying their portfolios.
Switzerland emerges as a prime location for cryptocurrency activities.
The proactive stance of Switzerland has paved the way for BBVA to extend its crypto offerings there. Additionally, the region’s advanced blockchain framework supports the bank’s aspirations.
Switzerland is the epicenter of the crypto domain. Numerous crypto-focused startups are thriving here, as financial institutions increasingly embrace blockchain. An estimated 800 entities operate within the crypto ecosystem in the country.
The renowned Crypto Valley in Zug marks a significant stride toward digital assets, notably approving Bitcoin and Ethereum transactions earlier this year.
Sygnum Bank AG, from Switzerland, took a pioneering step in July by being the first to offer ETH 2.0 staking services. Leading national banks have also announced CBDC research initiatives focusing on lending.
Following Sygnum's ETH 2.0 introduction, Bitcoin Suisse, a Zug-based crypto service, teamed up with Europe's Worldline to advance digital transactions across Switzerland.
Cryptocurrencies have stepped onto the scene, challenging the supremacy of traditional banks globally. Initially, banks aimed to counteract crypto, but resistance seems futile now, forcing them to embrace it.
Ethereum's market capitalization, part of the largest Decentralized Finance ecosystem, surpasses many banks, with only JP Morgan Chase ahead.
