BBVA Switzerland Will Add Ethereum for Crypto Custody & Trading

Following the launch of Bitcoin services in June, the leading financial institution Banco Bilbao Vizcaya Argentaria (BBVA) announced today that its Swiss franchise is adding Ethereum to the bank’s cryptocurrency custody and trading services.

This move allows its private banking clients to manage their digital assets (Bitcoin and Ethereum) on the bank’s platform and BBVA’s app.

BBVA Embraces Ethereum

The addition of Ethereum to the bank’s investment portfolio also grants customers with New Gen’s account access to Ethereum and Bitcoin.

New Gen is BBVA’s online digital investment account that allows clients’ entry with a deposit of $10,000, applicable to the European Union, Mexico, Colombia, Argentina, Peru, Chile, and other regions.

Speaking of the expansion’s crypto offer, Alfonso Gómez, CEO of BBVA Switzerland commented:

“We decided to add ether to our crypto assets ‘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.”

For the long term, the bank looks to expand its crypto-asset portfolio and offer easier access to the crypto market, “making it easier for its customers to invest in this new digital world.”

By adding Ethereum to its investment portfolio, BBVA has become the first traditional bank in Europe to integrate Ethererum into its services.

It’s not the first attempt of BBVA to emerge in digital asset investment. In June, the major bank launched its Bitcoin custody and trading services which are beneficial to private banking clients.

“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,” according to Gómez.

The bank shared its strategic plan to go international in a recent statement:

“Its extension to new countries or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand, and regulation.”

Since the beginning of the year 2021, the market capitalization of digital assets has increased by a significant amount. Bitcoin continues to be the dominant cryptocurrency, but Ethereum and other altcoins have demonstrated their ability to survive in the long run.

The hype of trends such as NFTs, DeFi, and the upcoming Metaverse has also had a positive impact on the investing habits of investors, who are now more interested in diversifying their investment portfolios.

Switzerland Is An Ideal Place For Crypto

The openness of Switzerland motivates BBVA to offer crypto services in the country. In addition, its advanced blockchain ecosystem is another major factor that pushes the bank forward with its plan.

Switzerland is the wonderland of the crypto industry. The country has witnessed plenty of crypto-oriented startups and businesses, and increasing adoption of financial institutions. It is estimated that over 800 countries are under crypto-related operations.

The country is also reputable for its Crypto Valley – Zug that has made important steps to approach digital assets. Earlier this year, the city announced it now embraces Bitcoin and Ethereum, enabling transactions using these currencies.

Sygnum Bank AG, the Swiss-based first digital asset bank, made an outstanding move in July. Sygnum became the first bank to offer ETH 2.0 staking service. Major national banks also confirmed their plans on CBDC’s research, which focuses on the lending market.

Following Sygnum’s corporation of ETH 2.0 staking, crypto-financial services provider Bitcoin Suisses, based in Zug, partnered with the European digital payment leader Worldline, to facilitate digital payments in Switzerland.

Cryptocurrency has come and posed a threat to the dominance of institutional banking systems around the world. At a certain point, banks were devoted to “killing” crypto but it seems that all attempts end up unpleasant. And now, they have no choice but to embrace crypto.

The market cap of Ethereum – the largest Decentralized Finance ecosystem – has surpassed all banks, just behind JP Morgan Chase.

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BBVA Adds Ethereum Trading Services for Private Clients

The Switzerland franchise of Spanish banking giant BBVA has added Ethereum trading and custody to its digital currency investment portfolio.

According to an update from the bank, the Ethereum service is open to its private customers with a New Gen Account and will be able to manage both Bitcoin and Ethereum through the account.

The trading of cryptocurrencies will be managed through the BBVA app from which customers can manage both digital currencies and traditional investments at the same time. While BBVA floated the Bitcoin trading service back in June this year, it currently ranks as the first financial institution to incorporate Ethereum into its services.

“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 regulation,” said Alfonso Gómez, the Chief Executive Officer of BBVA Switzerland.

Since the bank launched its crypto custody services earlier this year, it has gained a lot of patronage from its private banking customers, and the Ethereum integration helps the bank to complete its pioneering offering in the fast-growing world of digital currencies.

BBVA said it intends to expand its crypto services but noted it would look into regions that have established laws governing the digital currency ecosystem the way Switzerland does.

“The goal of BBVA Switzerland is to continue expanding the portfolio of digital assets in the coming months. With this innovative offer, BBVA has positioned itself as a leading bank in the adoption of blockchain technology, thus making it easier for its customers to invest in this new digital world,” the announcement reads.

BBVA has been at the forefront of blockchain innovation and development with the firm launching a cryptocurrency wallet integration feature with a digital investment account back in September this year. 

Other multinational banks are also pushing for plans to join the blockchain bandwagon with outfits such as JPMorgan, Citibank, BNP Paribas, and Actinver going live on the CLS blockchain bilateral payments netting platform last year.

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Spain Bank BBVA Launches Bitcoin Trading Service in Switzerland

Spanish banking giant BBVA has announced that the financial institution launches a new Bitcoin trading service on Monday for private banking clients in Switzerland interested in digital asset investment.

The Spanish Bilbao-based bank stated that it is starting to operate its new Bitcoin trading and custody services on Monday and plans to roll out services of other cryptocurrencies soon. However, the multinational bank said that it would not provide advice on such types of investments.  

After six months of testing the Bitcoin service with a selected group of users, BBVA is now making the trading available to its customers in Switzerland.

BBVA Switzerland’s Chief Executive Alfonso Gomez stated that the bank had noticed a significant appetite among investors for cryptocurrencies or digital assets to diversify their portfolios despite their high risk and volatility. 

On Friday, BBVA stated the new Bitcoin trading services would only be available to customers in Switzerland because the nation has clear regulation and widespread adoption of digital assets. The bank sees Switzerland as having relatively comprehensive regulations around digital assets, set out by the nation’s Financial Market Supervisory Authority(FINMA ).  

“It’s an extension to new countries, or other types of customers will depend on whether the markets meet the appropriate conditions in terms of maturity, demand and regulation,” Gomez said.

BBVA is present in Switzerland through a wholly-owned franchise focused on international banking services. The bank, an international bank in 35 countries globally, has more than 130,000 employees and serves 66 million globally.

Bitcoin Coming to Banks

Currently, an increasing number of large investment banks are showing interest in launching Bitcoin trading and custody for their customers. In April, Goldman Sachs and JPMorgan announced plans to make cryptocurrencies more accessible to the public. Last month, Citi Group revealed that it is offering crypto trading services after witnessing surging client interest.   

Efforts to offer Bitcoin trading services come amid rising institutional interest in cryptocurrency. Investors and firms see Bitcoin as a hedge against inflation as central banks and governments turn on the stimulus taps.

El Salvador has become the first nation to adopt Bitcoin as a legal tender currency. However, central banks across the globe have frequently warned investors about losing their money in crypto investment.

In recent weeks, major countries like China and the US have signalled a stricter approach to cryptocurrency regulations while building their plans to create their own central bank digital currencies.

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BBVA Opens Bitcoin (BTC) Trading Service to Private Banking Clients in Switzerland

Spain’s giant bank, BBVA, announced that it plans to launch a bitcoin trading service for private banking clients in its Switzerland entity. The services, including bitcoin trading and custody services, will be available as of Monday, June 21.

Better Banking Services for Customers

BBVA’s announcement comes after six months of testing with several users. These new services will currently be offered in Bitcoin, but there are plans to move hands across the sea and include other cryptocurrencies in the future. However, BBVA will not provide any advice to clients concerning the investments mentioned earlier.

BBVA Switzerland’s move has allowed it to perfect its operations in a wide array of areas. Alfonso Gomez, CEO of BBVA Switzerland, said on Friday that the bank was able to test the service operations, strengthen security, and most importantly, it was able to detect a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.

New Beginnings for Crypto Enthusiasts

Users will use the new services much more efficiently; since the bank’s app has a fully integrated bitcoin management system, they can view their performance alongside that of the rest of the customer’s assets, funds and investments.

The bank will offer customers a personalized wallet to convert their bitcoins into fiat currency, and vice versa, spontaneously, much faster, and without the illiquidity that affects other digital wallets or independent brokers.

BBVA can achieve all this because it has partnered with several sources for converting cryptocurrencies that have made it possible to ensure 24-hour investment, processing multiple orders simultaneously, and managing orders of any size.

The CEO of BBVA, Gomez, believes that the bank’s innovative services will position it as a benchmark institution in adopting blockchain technology. He said that the bank would continue to enhance and expand the digital offering over the coming months.

“We are bringing the quality of banking service to the fledgling world of crypto assets,” he adds.

A Big Innovation to Traditional Banking Ecosystem

Since BBVA in Switzerland combines traditional and digital financial assets in the same investment portfolio, the bank is at the forefront of adopting digital assets in conventional finance. Its new services represent a novel offering. It will provide more simplicity to its customers when trading, account statements, tax returns, et cetera.

However, the Switzerland branch, dedicated to international banking services, will limit its cryptocurrency services to Switzerland only; since its ecosystem has relatively comprehensive rules around cryptocurrencies embarked by the country’s Financial Market Supervisory Authority.

On the other hand, it may extend its services to new countries or other new customers depending on whether the markets will meet the appropriate maturity, demand, and regulatory conditions.

This bold innovation is a significant milestone for BBVA and the entire banking ecosystem. As the Bank of New York Mellon, it is a colossal step for banks to expand their crypto offerings. 

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Banking Giant BBVA Launches Bitcoin Trading, Custody Services In Switzerland

Major financial institution BBVA is launching bitcoin trading and custody for clients in Switzerland.

Madrid-based financial services giant BBVA, one of the largest financial institutions in the world, will soon offer bitcoin trading and custody services through its Swiss subsidiary.

“After six months of testing with a selected group of users, BBVA Switzerland makes its first crypto-asset trading and custody service available to all its private banking clients,” according to an announcement from the bank’s Swiss office.

The service will be limited to Switzerland and is scheduled to begin operation on June 21 for private banking clients. A bitcoin management system will be integrated into a BBV Switzerland app, where performance can be viewed alongside other investments.

The announcement noted that BBVA Switzerland hopes to offer exposure to additional cryptocurrencies in the future. It was not clear how customers could send their BTC to wallets that they controlled, or if that would be possible at all.

“Through the customer’s personalized digital wallet, bitcoins can be converted into euros or any other current currency, and vice versa, automatically, without delays and without the illiquidity that affects other digital wallets or independent brokers,” the announcement claimed, without pointing to any specific brokers that face the claimed liquidity issues. “All this is possible thanks to the fact that BBVA operates with several sources for converting cryptocurrencies, which allows it to ensure 24-hour investment, managing orders of any size and processing multiple orders at the same time is possible.”

BBVA cited the Swiss ecosystem, with clear regulation and relatively widespread adoption of digital assets, as the best place to test this new offering. But it appears hopeful that it can expand its bitcoin services in the near future.

“With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology,” Alfonso Gómez, CEO of BBVA Switzerland, said in the announcement. “Over the coming months, we will continue to enhance and expand the digital asset offering.”


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Banking giant BBVA debuts Bitcoin trading and custody for Swiss clients

Banco Bilbao Vizcaya Argentaria (BBVA) — Spain’s second-largest bank — is set to offer Bitcoin (BTC) trading and custody services in Switzerland.

According to a release issued on Friday, BBVA Switzerland will begin Bitcoin trading for all private banking clients interested in crypto assets from June 21.

This initial crypto trading service isonly for Bitcoin but the bank says it has plans to extend its offering to other cryptocurrencies. However, BBVA says its crypto trading desk will not include any digital asset investment advisory services.

As part of the announcement, BBVA Switzerland revealed that the Bitcoin trading service will form part of the bank’s asset investment catalog for private banking clients. Thus, customers will be able to view the performance of their BTC positions alongside the rest of their portfolios.

According to the statement, this in-app integration will offer simplicity for customers in terms of streamlined data for statement of accounts and tax filing purposes among others. BBVA Switzerland also stated that customers will be able to convert between Bitcoin and fiat currencies automatically to prevent losses due to price volatility.

For BBVA Switzerland CEO Alfonso Gómez, the move represents a melding of quality banking services and innovations in the crypto asset space. “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology,” the CEO said.

Regarding its decision to first introduce the product in Switzerland, BBVA highlighted the country’s crypto-friendly policies as a major determining factor.

Related: Swiss banking giant UBS to reportedly offer rich clients crypto investments

Indeed, some Swiss banks have previously announced crypto trading services for their clients. Back in February, Bordier & Cie, a 170-year-old Swiss financial institution partnered with digital bank Sygnum to offer cryptocurrency trading for assets like Bitcoin, Ether (ETH), and Bitcoin Cash (BCH) among others.

As previously reported by Cointelegraph, Swiss banking giant UBS announced plans to offer limited exposure to crypto investment for some of its wealthy clients.

Back in September 2020, authorities in the country formalized a comprehensive set of laws for crypto and blockchain. Phase one of the new legal framework came into effect at the start of February with part two expected to follow in the summer.