The addition of Ethereum will allow the institution to provide its private banking customers with a new offering that will open up access to the second largest cryptocurrency on the market. Customers with a “next generation” account will be able to manage their portfolio by adding and selling Bitcoin and Ethereum.
In addition to simplified purchasing services, BBVA customers using the bank’s mobile app will be able to view digital and traditional asset transactions from their phones. All cryptocurrencies are converted to euros, dollars or any other fiat currency.
BBVA Switzerland became the first traditional financial banking institution in Europe to incorporate Ethereum into its cryptocurrency offerings. According to the bank’s CEO, the decision to add Ethereum was based on growing interest among the majority of investors.
The bank’s digital asset custody service was warmly received by its clients, who were willing to personally manage their portfolios and diversify their current assets with more volatile digital assets. Most of the demand comes from those looking to access the service for diversification, including private and institutional investors, according to the bank’s statement.