September 18, 2021

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BBVA already has bitcoin services in the European Union and Latin America

The Swiss branch of the Spanish bank BBVA has announced the launch of a 100% digital investment account with which it is seeking to meet the needs of a new type of technology-savvy clients who wish to invest “in more active assets. innovative and sustainable “such as bitcoin (BTC) and other cryptocurrencies.

The information was released this September 2 on the official website of BBVA where it is stated that the new service is called New Gen (New Generation) and is aimed at its users located in more than 30 countries. The bank’s customers in the member countries of the European Union e residing in Mexico, Colombia, Argentina, Peru and Chile they are included.

The new generation allows users to invest in both traditional and innovative resources and includes a cryptocurrency wallet which facilitates exchange with other currencies, notes the letter BBVA Switzerland.

The new product offers access to a varied catalog of companies, funds, stocks and ETFs (exchange traded funds), among which services related to bitcoin stand out. The bank indicates that in the near future they will include exchanges with ether (ETH) , the cryptocurrency of Ethereum.

BBVA Switzerland is part of the BBVA consortium based in Bilbao, Spain. Source: Wikipedia.

The minimum deposit to open an account is USD 10,000 or its equivalent in euros or Swiss francs . With this figure, the bank reduces the level of demand from the public interested in investing in bitcoin, given that until now access to cryptocurrency services was only allowed to private banking customers. with a minimum capital of one million dollars .

BBVA Switzerland’s director of customer solutions, Javier Rubio, told the media that with this offer they want to remove obstacles and barriers to investment.

He reiterated that they hope to attract a new type of investor. They are particularly aimed at young people who are attracted to these new sectors, “which have great potential to transform the future”. Among these new sectors, the cryptocurrency ecosystem stands out.

Rubio added that the new digital account provides access to a full range of online banking services and IBAN (international bank account number) numbers in dollars, euros or Swiss francs.

To start operating with New Gen, who is interested must register via an online form and then make an identification call via video.

BBVA focuses its bitcoin operations in Switzerland

BBVA Switzerland is a franchise that is part of the financial consortium based in Bilbao, Spain, specializing in private banking. As reported by CriptoNoticias, after six months of testing that began in January 2021, the subsidiary began offering the sale and safekeeping of bitcoin last June.

So far the BBVA limited the cryptocurrency service to its branch in Switzerland with the idea of ​​taking advantage of the most advanced regulatory framework existing in that country, which also has a high level of cryptocurrency adoption.

In its communications, the bank always remembers the number of blockchain companies that are based in Switzerland, which is why it sees the European country as a favorable environment for its operations with cryptocurrencies.