BBVA Switzerland, the Swiss private banking unit of Spain’s Grupo BBVA, is one of the first private banks to offer a fully secure, integrated crypto asset service for its clients. Initially the bank offered trading and custody services for Bitcoin – this has now been extended to cover Ether as well.
BBVA Switzerland’s crypto asset service, launched last June, is now also offering Ether, the second-largest crypto currency in terms of market capitalization after Bitcoin. Through a personalized digital wallet on the BBVA app, both crypto currencies can now be automatically converted into any fiat currency, and vice versa. The innovative service, rolled out to cater for growing demand from wealth management clients, has been developed with Avaloq’s proprietary Crypto Assets solution.
A key benefit of this solution is that the crypto management system is linked with Avaloq’s banking platforms, alongside other asset classes. As such, the service allows investing in traditional and crypto assets in the same investment portfolio, offering clients an intuitive, seamless and transparent user experience.
Alfonso Gómez, CEO of BBVA Switzerland, said: “We decided to add Ether to our crypto asset service because, together with Bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with regulation. BBVA Switzerland is aiming to continue expanding the portfolio of digital assets in the coming months.”
Georges Roten, Regional Head Switzerland & Liechtenstein at Avaloq, said: “With its innovative crypto asset service, BBVA Switzerland is clearly a leading bank in the adoption of blockchain technology. We would like to thank BBVA for the excellent collaboration in this challenging project. The bank’s active involvement in the development and implementation of this service have been key to this success.”