Financial institutions have been slow to open up to cryptocurrencies but are now starting to provide crypto-related services to their customers
BBVA Swiss, the Switzerland subsidiary of Spanish banking giant BBVA, has launched a digital investment account that offers certain cryptocurrency wallet features. The bank announced this in a press release, stating that the new account is designed to allow people to invest in the sectors with the greatest impact on the future.
The account, called New Gen, allows BBVA customers to deposit $10,000 in various currencies, including USD, EUR and Swiss Francs. Customers can use the new BBVA cryptocurrency wallet to conduct a wide range of activities such as buying, selling, storing and tracking Bitcoin in the BBVA app.
BBVA said, "The catalog also seeks to emulate the portfolios of major investors such as Cathie Wood or Warren Buffet. At the same time, the client can invest in traditional assets such as shares or investment funds, and also has a 'wallet' for cryptocurrencies, providing it with differential characteristics."
The bank designed the account to appeal to people interested in investing in the traditional financial markets such as stocks or the emerging markets like cryptocurrencies. According to the BBVA, the new account offers users numerous ideas so they can invest in the asset classes they are most comfortable with.
BBVA cited both Cathie Woods and Warren Buffet in their analogy. Cathie Woods is popular within the cryptocurrency space as her Ark Invest has been bullish about Bitcoin (BTC) and the broader crypto market for the past few years. Warren Buffet, on the other hand, is yet to be a fan of cryptocurrencies and made his fortune over the past few decades investing in the traditional financial markets.
BBVA Switzerland is not new to the cryptocurrency space. The financial institution launched its Bitcoin trading and custody services in June. At the time, BBVA said the services are available to all its private clients, enabling them to diversify their portfolios.
More traditional banks are starting to open up to cryptocurrencies. The past few months have seen some banking giants such as Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan become involved in the cryptocurrency space in one way or another.