The Swiss subsidiary of Spanish bank BBVA will add Ethereum to its cryptocurrency trading and custody services.
This Tuesday, BBVA published a release to report on the integration of Ethereum into its cryptocurrency custody and buying and selling service, which is available from its subsidiary in Switzerland. Ethereum is the second cryptocurrency largest and most widely used cryptocurrency on the market, with a market capitalization of over $470.000 billion today.
BBVA began offering cryptocurrency trading and custody services to its Swiss-based clients and investors in the middle of this year, adding new features that allow buying, selling and holding bitcoins from the New Gen digital investment accounts. Now, the Spanish bank's Swiss clients and investors will be able to manage both bitcoins and ethers from their digital investment accounts. BBVA said that the New Gen accounts allow its investors to easily access cryptocurrencies from the bank's mobile app, where they can view their crypto investments alongside their traditional investments or convert their digital assets to the fiat currency of their choice.
The high demand and interest in cryptoassets currently is what drives BBVA to continue expanding its range of cryptocurrency services. BBVA highlighted that it will integrate new cryptoassets in the coming months.
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BBVA and Ethereum, the key to new finance
The Spanish bank, which has become a pioneer in offering trading and custody services for cryptocurrencies in Europe, is betting on Ethereum as a key piece in the development of new finance: the DeFi (Decentralized Finance).
Ethereum is one of the cryptocurrencies that arouses the greatest interest among investors and one of the most innovative in the entire industry. Thanks to the smart contracts, Ethereum opened the doors to a set of new opportunities and possibilities in blockchainThis network and cryptocurrency allows its users to run decentralized applications and protocols, which are creating a new generation of financial services governed by code.
Cryptocurrencies and regulation
Alfonso Gómez, CEO of BBVA Switzerland, said that the Spanish bank is offering its cryptocurrency services from Switzerland, because it is one of the countries with the most advanced regulations for the development and growth of the crypto industry. He also assured that Bitcoin and Ethereum allow the bank to offer cryptocurrency services, complying with all the guarantees established in the current regulations. The executive also pointed out that Switzerland has recently launched strict regulations to prevent the possible risks of money laundering and money laundering, which can be carried out through cryptocurrencies.
So far, Ethereum has had a good acceptance by its investors, BBVA assured, while pointing out that the greatest demand for this cryptocurrency and for Bitcoin comes from investors who want to diversify their portfolios, from private clients, family offices to institutional investors.
At press time, the price of Ethereum (ETH) is hovering around $3.900 per unit.
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