BBVA’s Switzerland Launches Cryptocurrency Wallet Integration Feature with Digital Investment Account
Nicholas Otieno Sep 06, 2021 05:30
BBVA has developed its crypto trading services with a new investment account. The bank has developed its mobile bank app that allows its clients in European union countries and several markets in South America to connect their cryptocurrency wallets to their digital investment accounts.
Banco Bilbao Vizcaya Argentaria (BBVA), the second-largest bank in Switzerland, has announced a new digital investment account to allow clients to build portfolios in innovative sectors.
BBVA Swiss bank has unveiled a “100%” digital investment account”, popularly known as “Next Gen account”, a new offering that aims to meet the demand of a new type of tech-savvy clients who want to invest in more innovative, sustainable sectors, and even in cryptocurrencies.
The new Gen account enables clients to invest in a catalogue of companies and funds, organized into 11 “themes” such as disruptive technologies like autonomous vehicles, robotics, the circular economy, 3D printing, and even cryptocurrencies. The catalogue will emulate the portfolios of major investors like Cathie Wood and Warren Buffet, thus enabling clients to invest both in traditional and digital assets.
Javier Rubio, the Director of Client Solutions at BBVA Switzerland, talked about the new development and said: “The client can invest in traditional assets such as shares or investment funds, and also has a ‘wallet’ for cryptocurrencies.”
Besides the investment funds, the Next Gen account will offer clients access to the crypto wallet they want to use, store, buy, and sell Bitcoin. The wallet will be fully integrated with the bank’s mobile app, which tracks Bitcoin holdings alongside its customers' other digital assets, funds, and investments.
The cryptocurrency wallet is integrated into the bank’s mobile app, which will simplify the process of filing taxes. It will provide users with a verified account and detailed transaction history.
The BBVA’s new banking products will be available across the European Union countries and several markets in South America. A client who would like to open and operate such a digital investment account must be an EU member state resident. The product would also be available in Chile, Peru, Argentina, Colombia, Mexico, among other nations.
Rubio said that using the bank wants to reach new investors with its Next Gen investment offering.
“The new account offers a multitude of ideas so that every client can invest in what is of interest to them and in line with their principles, without obstacles or barriers, with one of the most competitive rates in Swiss banking and with all the guarantee and security of BBVA,”
Financing Growth with Cryptocurrency
The BBVA bank is demonstrating its commitment to expand its digital asset trading services.
In June, the BBVA bank launched Bitcoin trading and custodial services for its clients based in Switzerland. The bank started offering Bitcoin trading services to all private banking clients interested in cryptocurrencies from June 21.
During that time, the BBVA bank revealed that Bitcoin trading services would form part of its asset investment catalogue for its private investment clients. Therefore, clients are able to view the performance of their Bitcoin alongside the rest of their portfolios.
The BBVA bank also stated plans to extend its offering to other cryptocurrencies but clarified that its cryptocurrency desk will not include any digital assets investment advisory services.
The bank currently allows its clients to automatically convert between Bitcoin and fiat currencies to prevent losses because of price volatility.
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