Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of markets in South America.
BBVA Switzerland Account Facilitates Cryptocurrency Investments
The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative, sustainable sectors and even in crypto-assets.”
The ‘New Gen’ account, BBVA Switzerland explained, offers access to a catalog of companies and funds. They are organized into 11 themes including climate change, and by disruptive technologies like robotics, 3D printing, and autonomous vehicles. “The catalog also seeks to emulate the portfolios of major investors such as Cathie Wood or Warren Buffet,” the bank noted, adding:
The client can invest in traditional assets such as shares or investment funds, and also has a ‘wallet’ for cryptocurrencies.
A European customer who would like to take advantage of the digital investment account must be a resident of an EU member state. The product is also offered in Mexico, Colombia, Argentina, Peru, and Chile among other countries. Javier Rubio, Director of Client Solutions at BBVA Switzerland stated:
With New Gen we want to reach a new type of investor, attracted by new sectors that have great potential to transform the future.
Rubio emphasized the new account boasts a wide range of investment ideas allowing every client to put their money into what is of interest to them. He insisted the offering does away with obstacles and barriers while providing “one of the most competitive rates in Swiss banking” along with BBVA’s guarantee and security.
To start trading, a client has to first register via a dedicated form and then make a video identification call. BBVA Switzerland claims the whole verification procedure takes less than 15 minutes. The minimum deposit requirement to open an account is $10,000 or an equivalent amount in either euros or Swiss francs.
BBVA Switzerland, which specializes in private banking, stressed that the New Gen account provides access to a full range of online banking services and IBAN numbers in dollars, euros, or Swiss francs. The crypto wallet is fully integrated with the bank’s mobile app which allows users to track their bitcoin holdings and other assets.
The array of crypto-related offerings by Swiss banks has been constantly expanding. In May of this year, the state-owned Postfinance bank launched an investment and payments app supporting 13 cryptocurrencies in cooperation with online trading platform Swissquote. In February, 177-year-old Swiss bank Bordier offered its clients exposure to bitcoin and crypto trading services through a partnership with Sygnum, one of Switzerland’s licensed crypto banks.
Do you expect more financial institutions in other countries to follow the example set by Swiss banks? Tell us in the comments section below.
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