BBVA Switzerland, the Swiss subsidiary of one of Spain’s largest banks, Banco Bilbao Vizcaya Argentaria (BBVA) has added Ethereum to the list of supported assets for the service that handles cryptocurrency custody and trading.
The bank said it was the first traditional financial institution in Europe to add the second-largest cryptocurrency to its product lineup.
According to CEO Alfonso Gomez, the move is driven by investors’ desire to diversify portfolios. The cryptocurrency management system has been integrated into the banking app, where in the investments section digital assets sit alongside traditional financial instruments.
Starting in June, affluent clients have access to similar Bitcoin custody services.
Further expansion of the list of supported assets is expected.
Entering new markets will depend on whether they meet the necessary conditions of maturity, demand, and regulatory oversight.
Earlier in September, the Swiss Financial Market Supervisory Authority approved the first crypto fund in accordance with the country’s laws.
In September, the regulator granted the SIX Digital Exchange platform a licence to operate as an exchange and central securities depository for digital assets.
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