BBVA Switzerland, the Swiss division of the Spanish multinational financial services provider BBVA, announced the addition of Ethereum (ETH) to its crypto custody and trading service today. The private banking clients of BBVA Switzerland will be able to manage Bitcoin and Ethereum on its platform.
Moreover, customers with a New Gen account will be able to access BTC and ETH. Ethereum and Bitcoin are available on the BBVA app along with other traditional investments. According to BBVA Switzerland, it is the first traditional bank in Europe to incorporate Ethereum into its services.
In June 2021, BBVA Switzerland opened Bitcoin trading services for all private banking clients. Since then, the company has seen a substantial increase in interest from its clients. With the addition of Ethereum, the financial services provider aims to meet the growing demand for diversified crypto offerings.
"This gradual roll-out has allowed BBVA Switzerland to test the service's operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk," explains Alfonso Gómez, the CEO of BBVA Switzerland.
Diversified Crypto Portfolio
The market cap of digital currencies increased by almost 200% in 2021. In addition to Bitcoin, the popularity of altcoins has jumped substantially. As a result, investors are now more inclined towards a diversified crypto portfolio.
“One of the most important attractions of BBVA Switzerland's offer is that the bitcoin management system is fully integrated into its app, where its performance can be viewed alongside that of the rest of the customers' assets, funds or investments. This service thus represents a novel offering, as it allows investing and combining traditional and digital financial assets in the same investment portfolio. This integration also offers a great advantage in terms of simplicity when it comes to trading, account statements, tax returns, etc,” BBVA added.
