BBVA Switzerland clients will be able to buy, store and trade crypto assets with a digital account provided with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of South American markets.
BBVA Switzerland account facilitates cryptocurrency investments
The Swiss subsidiary of Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account”. With this offer, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative and sustainable sectors and even in crypto-assets”.
The ‘New Gen’ account, explained BBVA Switzerland, provides access to a catalog of companies and funds. They are organized into 11 themes, including climate change and disruptive technologies such as robotics, 3D printing and autonomous vehicles. “The catalog also seeks to mimic the portfolios of large investors such as Cathie Wood or Warren Buffet,” the bank noted, adding:
The client can invest in traditional assets such as stocks or investment funds, and also has a “wallet” for cryptocurrencies.
A European customer who wishes 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 said:
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 pointed out that the new account offers a wide range of investment ideas allowing each client to put their money in whatever interests them. He insisted that the offer removes obstacles and barriers while offering “one of the most competitive rates of the Swiss bank” as well as the guarantee and security of BBVA.
To start trading, a client must first register through a dedicated form and then make a video ID call. BBVA Switzerland claims that the entire verification process takes less than 15 minutes. The minimum deposit required to open an account is $ 10,000 or an equivalent amount in euros or Swiss francs.
BBVA Switzerland, specializing in private banking, pointed out 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 range of crypto-related offers from Swiss banks is constantly expanding. In May this year, the public bank Postfinance launched an investment and payment application supporting 13 cryptocurrencies in cooperation with the online trading platform Swissquote. In February, the 177-year-old Swiss bank Bordier offered its clients exposure to bitcoin and cryptocurrency trading services through a partnership with Sygnum, one of the licensed crypto banks in Switzerland.
Do you expect more financial institutions in other countries to follow the example of Swiss banks? Tell us in the comments section below.
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