BBVA Switzerland customers can 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 makes it easy to invest in cryptocurrencies
The Swiss subsidiary of the Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the introduction of a “100% digital investment account”. With the offering, the bank seeks to meet the needs of a new breed of tech-savvy client looking to invest “in more innovative, sustainable sectors and even crypto assets.”
The ‘New Gen’ account, explained BBVA Switzerland, gives access to a catalog of companies and funds. They are divided into 11 topics, including climate change and disruptive technologies such as robotics, 3D printing and autonomous vehicles. “The catalog is also intended to mimic the portfolios of major investors like Cathie Wood or Warren Buffet,” noted the bank, adding:
The customer can invest in traditional assets such as stocks or mutual funds and also has a “wallet” for cryptocurrencies.
A European customer who would like to use the digital investment account must be based in an EU member state. The product is also offered in Mexico, Colombia, Argentina, Peru and Chile, among others. Javier Rubio, Director of Client Solutions at BBVA Switzerland, said:
With New Gen we want to reach a new type of investor, drawn to new sectors that have great potential to change the future.
Rubio emphasized that the new account offers a wide range of investment ideas that allow every client to invest their money in what interests them. He insisted that the offer remove obstacles and barriers while offering “one of the most competitive tariffs in Swiss banking” along with the guarantee and security of BBVA.
To start trading, a customer must first register using a special form and then make a video identification call. BBVA Switzerland claims that the entire verification process takes less than 15 minutes. The minimum deposit required to open an account is US $ 10,000 or an equivalent amount in euros or Swiss francs.
BBVA Switzerland, which specializes in private banking, emphasized that the New Gen account offers 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 keep track of their Bitcoin holdings and other assets.
The range of crypto-related offers from Swiss banks is constantly being expanded. In May of this year, the state bank Postfinance, in cooperation with the online trading platform Swissquote, launched an investment and payment app that supports 13 crypto currencies. In February, the 177-year-old Swiss bank Bordier offered its customers access 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 of Swiss banks? Let us know in the comments section below.
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