BBVA said its Swiss office is ready to offer Ether services to its customers as part of its first crypto offering. However, this offer is valid for private customers and other customers with their New Gen accounts.
According to the account statement, these customers will now trade BTC and ETH via the BBVA banking app. This app also allows these users to trade stocks and convert stocks and cryptocurrencies into any fiat currency.
BBVA’s Swiss branch is improving its cryptocurrency storage service
At the opening of BBVA’s Swiss branch in June, the branch announced that it would offer BTC storage services to its customers. This branch seems to be making a big move as it now allows its home users and customers with new accounts to trade with ETH. With the inclusion of ETH in custodial services, it is the first bank in Europe to do this.
According to BBVA Swiss CEO Alfonso Gomez, the bank decided to offer ETH to its customers because BTC and ETH are the most popular crypto options for new investors. He added that spreading BTC and ETH would be much easier as they would easily comply with upcoming regulations.
According to the bank, their clients are receiving the news very well and look forward to managing their assets through the New Gen portfolio. The bank also said the biggest jump in demand came from clients looking to diversify their trading portfolios. These clients range from individuals, institutions, groups and families.
The bank statement also shows that it has a geographical advantage due to its location in Latin America, which has very high crypto interest. He also pointed out that the Swiss branch is growing rapidly due to the growing interest in digital assets in Europe. They went on to say that they intend to add more cryptocurrencies to their “wallet” soon. However, the bank said the expansion of crypto services to new countries will depend on market demand and the regulatory framework.
International banks are leading the way in adopting cryptocurrencies
The cryptosphere faces a critical moment when the world is torn between adopting or banning the best regulatory framework. Many financial institutions made statements about this new asset class, some against it, others approving it.
Recently, several central banks such as the PBoC announced the launch of their cryptocurrency iteration known as CBDC. However, the bank has also banned all other cryptocurrencies in China. Other banks in countries like the US take a very different approach. Some, like Goldman Sachs, plan to use BTC as collateral for regular loans.
Korea’s largest bank also wants to offer crypto services. Woori Bank will offer this service as soon as it launches the blockchain solution. Another statement from before said that JP MorganChase will also offer BTC services to its customers because its CEO said it is a very safe adventure. These developments could reshape the future of cryptocurrencies, but that’s only for now.