Banco Bilbao Vizcaya Argentaria (BBVA) has included the second most used cryptocurrency in its custody and transaction services.
BBVA Switzerland, one of the largest traditional banks in Europe, based in Spain, announced that it has expanded its portfolio by adding Ethereum (ETH) to its cryptocurrency transaction and HODLing service. With this move, BBVA Switzerland became the first bank in Europe to adopt Ethereum.
BBVA Switzerland’s CEO, Alfonso Gomez commented;
“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.”
With the addition of Ethereum (ETH) to BBVA Switzerland's portfolio, it will be able to offer private banking clients a service that will enable them to access the market's leading altcoin Ethereum, apart from the leading cryptocurrency Bitcoin (BTC). Customers will be able to perform Bitcoin (BTC) and Ethereum (ETH) transactions in their portfolios with their “New Gen” bank account.
The gradual rollout allowed BBVA Switzerland to test its service operations, strengthen security and test investors' desire for crypto assets or digital assets as a way to diversify their portfolios.
Banco Bilbao Vizcaya Argentaria customers will be able to perform transactions more easily thanks to the bank's mobile application. In addition, thanks to the mobile application, they will be able to access transactions with all digital and traditional assets. They will be able to convert cryptocurrencies to fiat currencies such as dollars and euros.
BBVA Switzerland began offering its clients a transaction and HODLing service for Bitcoin (BTC) in June 2021. Although the crypto services are coming only through the bank’s Switzerland branch due to the nation’s friendly approach, it promised to launch more once other regulators embrace digital assets.