The Swiss arm of the Spanish multinational financial services company, Banco Bilbao Vizcaya Argentaria (BBVA), today announced that it has added ETH to its crypto trading services, becoming the first financial institution in the country to do so.
BBVA’s Swiss crypto trading service, which was launched back in June, only initially offered the leading cryptocurrency, Bitcoin (BTC), ETH has now been added.
The banking giant noted that customers with the new “New Gen account” can now trade both BTC and ETH as well as convert these digital assets to fiat currencies.
Speaking on the development, Alfonso Gómez, CEO of BBVA Switzerland, noted that the move to add ETH along with BTC was made due to the fact both are digital assets that interest customers the most.
“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,” he said.
BBVA noted that it will be offering this new service only in Switzerland, in the meantime, as it has a “very advanced blockchain ecosystem, with clear regulation and high level of adoption of these digital assets.”
Banks Looking to Offer Crypto Services as Demand Grows
As investors’ demand for cryptocurrency services continues to grow, many banks are now looking for the best ways to offer these services.
For instance, large banks are now going through huge crypto talent-hiring sprees to better understand crypto and its underlying assets as well as educate their clients.
Just last week, payment service giant, Visa carried out a survey in which 33% of Aussies admitted that they are likely to patronize banks offering crypto services rather than the ones that don’t in the next 12 months.
Meanwhile, just a few months ago, popular American bank U.S. Bank announced a partnership with New York Digital Investment Group (NYDIG) to offer crypto services due to its clients’ demands for the asset class.
In another development, Coinfomania reported in November that Australia’s Commonwealth Bank (CBA) in partnership with crypto exchange platform Gemini and popular crypto analytic company, Chainalysis announced it would be the first banking institution in the country to offer crypto services to its clients.
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