BBVA Switzerland Adds Ether (ETH) to its Crypto Trading and Custody Service

BBVA’s Switzerland-based franchise is expanding its cryptocurrency custody, and trading service to now include Ether (ETH), announced the bank on Monday.

Last June, the crypto asset service of BBVA Switzerland became operational for all of its customers, and now its private banking clients, along with those with a New Gen account, will be able to manage both Bitcoin (BTC) and Ether (ETH).

These digital assets will also be available on the BBVA apps along with other traditional investments and can be automatically converted to dollars, euros, or any other fiat currency.

“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,” said Alfonso Gómez, CEO of BBVA Switzerland.

The bank won’t stop with Ether, though, and will continue to expand its portfolio in the coming months to enable its customers to invest in the “new digital world.”

In its official announcement, BBVA Switzerland also said that its new digital asset custody services have been “very well received” among its new investors and private banking customers.

The greatest demand for crypto comes from those investors who want to diversify their portfolios, and they range from individual customers to institutional investors and family offices.

While the service is currently offered in Switzerland, due to the region having clear regulation and a high level of adoption, the bank plans to expand to new countries but only when the markets have the right conditions in terms of regulation, demand, and maturity.