The Swiss arm of the Spanish banking giant BBVA has begun providing private clients with storage and trading services for ether in addition to Bitcoin.
According to
a statement BBVA (Banco Bilbao Vizcaya Argentaria), the bank was the first among traditional financial institutions in Europe to add ether to its supported product line. BBVA Switzerland CEO Alfonso Gómez said the initiative was prompted by the growing interest of investors in cryptocurrencies and their desire to diversify their portfolios while meeting regulatory requirements.
It is in Switzerland that BBVA is offering a new service, as this country is known for a high level of cryptocurrency adoption, and its government has developed a clear system for their regulation. Now private clients of BBVA Switzerland will be able to store, buy and sell ether in a special BBVA app. In addition, the bank’s customers have the ability to automatically convert ETH into euros, dollars and any other fiat currency. This service complements BBVA’s offering in September, a New Gen investment account with support for buying and storing bitcoin.
“We decided to add support for ether, since, along with bitcoin, it is of the greatest interest to investors. New Gen’s new digital asset custody service has been very well received by our clients who prefer to personally manage investment portfolios. Many investors are ready to diversify their investments with the help of cryptoassets: from individual clients to family wealth managers, “Gomez said.
Last year, BBVA partnered with the IMDEA Software Institution to research zero-knowledge evidence (ZKP) to leverage its power to protect the privacy and security of users’ data.
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