Ethereum is embraced by one of the largest banks in Europe «Cryptocurrency Insiders
BBVA, one of Europe’s largest banking groups, will become the first-ever conventional bank in Europe to offer its retail clients services for Ethereum (ETH). The bank announced in a press release on December 13 that:
🇨🇭 BBVA Switzerland takes a new step with the merger #ether to the investment portfolio of its clients. 🪙 pic.twitter.com/dlW7l4H32S
– BBVA (bbva) December 13, 2021
Banco Bilbao Vizcaya Argentaria, better known as BBVA, is one of the largest banks in Europe and is headquartered in Spain. BBVA Suiza, or Switzerland, is the Swiss branch of a huge banking group.
Bitcoin first…
In June, BBVA Swiss became the first conventional bank in Europe to offer its clients Bitcoin (BTC) services. The press release reports that the new bitcoin service has been a success and has been well received by its customers. BBVA says the service has attracted new investors looking to diversify their portfolios.
✨ Very proud of being the first bank in the Eurozone to offer a # bitcoin Trading service! 🇨🇭 BBVA Switzerland makes it first #cryptoasset The trading and custody service is available to all its private banking clients. https://t.co/33ALfGYGz7
– BBVA (bbva) June 21, 2021
… now also ethereum
Now BBVA Switzerland will also become the first conventional bank in Europe to support Ether (ETH). Bank customers who have a “New Gen Account” can manage their cryptocurrency investments through the bank’s app. This allows them to convert their crypto into fiat currencies, such as the Euro and the US dollar.
“We have decided to add ether to our crypto-asset portfolio because these protocols, along with bitcoin, are attracting the most interest from investors, while providing all the guarantees of compliance with regulations.”
Said Alfonso Gomez, CEO of BBVA Switzerland. The press release further states that BBVA Swiss plans to expand its cryptocurrency portfolio in the coming months.
A bank that provides crypto services may attract new investors who would rather stick with traditional services than venture into crypto exchanges like Binance. In general, in the crypto world, it is recommended that you be your own bank and hold the cryptocurrency yourself, but this does not seem to appeal to everyone.
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