BBVA Switzerland Becomes the First European Traditional Bank to Add ETH Support
DailyCoin
Published Dec 14, 2021 07:52AM ET
BBVA Switzerland Becomes the First European Traditional Bank to Add ETH Support
Bitcoin, the world’s largest cryptocurrency, has enjoyed the first-mover advantage, as it has long been the preferred asset for financial institutions looking to venture into the cryptoverse.
However, in a change of trend, the Swiss division of the Spanish banking giant, Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria (BBVA (MC:BBVA)), has announced the addition of Ethereum, the second-largest cryptocurrency, to its product line.
BBVA Switzerland has become the first traditional bank in Europe to include Ethereum into its service by expanding its crypto offering. The banking giant began offering crypto services, with Bitcoin, to its customers in June 2020.
According to Alfonso Gomez, the CEO of BBVA Switzerland, the move is dictated by the desire of investors to diversify their portfolios. He explains;
"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 the regulation." In addition, BBVA Switzerland has revealed that it will continue to expand its cryptocurrency portfolio in the coming months. The Swiss bank hopes to make it easier for its customers to invest in this new digital world.
With New Gen, the bank’s 100% digital investment account, users can access Bitcoin and Ethereum services with an initial deposit of $10.000.
On The Flipside
- Worried about the growth of the industry, the International Monetary Fund (IMF) has called for “comprehensive, consistent and coordinated” global regulations for cryptocurrencies
Why You Should Care
The earlier conception that Bitcoin was the crypto with value is changing, as Ethereum and other altcoins are finding increasing favor with venture capitalists and financial institutions
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