The Swiss subsidiary of one of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has included Ethereum in the list of supported assets.
According to the official announcement by the bank, it became the first among traditional financial institutions in Europe to add the second-largest cryptocurrency market capitalization, ETH to its product line.
CEO Alfonso Gomez of BBVA Switzerland said the move is dictated by the desire of investors to diversify their portfolios.
“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 the regulation.”
BBVA Switzerland’s crypto-asset service, which became operational for all customers last June started with Bitcoin. It is a new digital asset custody service that has been well-received among private banking customers and new investors who opt to personally manage their portfolios since its commercial launch. BBVA is offering this new service in Switzerland, with clear regulation and a high level of adoption of these digital assets (BTC and ETH).
In September, the Swiss Financial Market Supervision Authority approved the first crypto fund in accordance with the country’s legislation.