Swiss bank BBVA adds Ethereum to its cryptoasset trading services

Briefly:

  • Clients of BBVA in Switzerland can now sell and buy ether
  • All transactions are tracked from the mobile application
  • The user can also set up automatic conversion to fiat currencies such as dollars or euros
  • BBVA Switzerland became the first traditional bank in Europe to introduce ether into a cryptocurrency portfolio

Now clients of BBVA Switzerland will be able to freely buy and sell ether. Moreover, in the official application from the company it will be possible to view transactions with digital assets. At the same time, the cryptocurrency is freely convertible into dollars, euros and other fiat currencies.

Prior to this, the bank’s portfolio was limited to Bitcoin only. In fact, the Swiss division of BBVA became the first traditional bank to introduce ether into the cryptocurrency basket.

According to a company representative, this innovation is dictated by a surge of interest among private and institutional investors. They all look to diversify their assets to protect them from inflation and market fluctuations.

BBVA believes that the innovation will be of interest primarily to investors from Latin America, Europe and Middle Asia.

The bank is not going to be limited to only two cryptocurrencies. The company positions itself as a market leader in Europe in this industry. The bank does not deny the possibility of adding other assets to the portfolio.

Other local companies are also interested in cryptocurrency. Switzerland’s largest online bank Swissquote has announced plans to create its own trading platform in the sector.

In addition, the company intends to expand the portfolio of cryptocurrencies available to investors. This interest is easily explained by the surge in demand for digital assets.

In the first half of this year, Swissquote’s net profit from cryptocurrency investments increased by more than 1000%. And if the bank expects further growth in profitability.

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