TL;DR Breakdown
- BBVA’s Swiss branch adds ETH to its crypto custody services.
- The bank will offer ETH to private customers and other clients with New Gen account and complete the bank’s initial crypto custody offer.
BBVA said that its Swiss branch is ready to offer Ether services to its customers as a part of its initial crypto offer. However, this offer stands for the private customers and other clients with their New Gen accounts.
These clients will now trade BTC and ETH through the BBVA bank app, according to the bank statement. The application will also allow these users to trade stocks and convert both stocks and cryptos to any fiat currency.
BBVA Swiss branch adding value to its crypto custody services
During the BBVA Swiss branch launch in June, the branch said it would offer BTC custody services for its clients. This branch seems to be progressing adorably since it now allows its private users and clients with new accounts to trade ETH. The incorporation of ETH into its custody services makes it the first bank in Europe to do so.
Per the CEO of BBVA Swiss, Alfonso Gomez, the bank decided to offer ETH to its clients since BTC and ETH are the most popular crypto options for new investors. He added that providing BTC and ETH is much easier since they will seamlessly comply with the upcoming regulations.
According to the statement from the bank, its customers are receiving the news very well and look forward to managing their holdings through New Gen portfolios. The bank also said their most significant demand spikes from clients who desire diversification in their trading portfolios. These clients range from individuals, institutions, groups, and families.
The bank’s statement also noted that they have a geographical advantage due to their location in Latin America, which has a very high crypto interest. It also pointed out that the Swiss branch is a success due to the spiking digital assets interest in Europe. They went ahead to clarify that they aim to add more cryptocurrencies to their ‘wallet’ soon. However, the bank said that expanding crypto services to new countries depends on market demand and regulatory frameworks.
International banks lead in crypto adoption
The crypto sphere faces a critical time as the world is torn between introducing the best regulatory frameworks or banning them. Many financial institutions make statements regarding this new class of assets, with some declining it and others endorsing it.
Recently, some central banks like the PBoC announced the launch of their iterations of cryptocurrencies known as CBDCs. However, this bank also banned all other cryptos in China. Other banks from countries like the US are taking a very different approach. Some like Goldman Sachs are planning to agree to the use of BTC as collateral for regular loans.
Korea’s largest bank is also planning to offer crypto services. Woori Bank will soon offer these services after launching its blockchain solutions soon. Another statement from earlier on said that JP MorganChase would also offer BTC services to their clients as its CEO said it would be a very secure adventure. These developments might re-shape the future of cryptos, but it’s only for time to tell.
