• Mon. Mar 4th, 2024

Swiss Bank Becomes First Traditional Bank In Europe To Add Ether

Dec 13, 2021

The wave of cryptocurrency adoption across Europe gains momentum with each adoption by traditional financial institutions. One of the biggest banks in Switzerland and Europe, BBVA, has announced its adoption of Ether as one of the cryptocurrencies that it supports on its platform. With this announcement, customers can now perform Ether transactions.

Last June, the bank made headlines when it announced that it would launch a cryptocurrency service to cater to its clients’ growing demand for crypto exposure. The crypto service launched with support for bitcoin. Later, the bank hinted that it would expand its crypto service to support more coins.

There is a growing interest from traditional financial institutions and services providers in cryptocurrencies. Recently, MasterCard announced a program that would help onboard several crypto firms. The program aims to develop blockchain solutions to enhance traditional financial services delivery.

Exposure to Bitcoin and Ethereum

BBVA’s latest addition expands its private banking clients’ options for crypto exposure. Previously, clients could only purchase and sell bitcoin, but they will now have access to buy and sell ethereum through BBVA’s secure crypto service. BBVA, one Europe’s biggest banks, has a huge customer base with massive interest in cryptocurrency.

But the customers who will have access to this service must have an account called “New Gen”. New Gen is a digital investment account that users operate to transact digital assets. The account is easy to open as new clients can register online and complete video call verification within a quarter of an hour. Clients must deposit $10,000 or its equivalent in Swiss Francs or Euros. 

BBVA also announced that its mobile platform would support both digital and traditional assets so that users can transact them. Clients can convert all supported cryptocurrencies into fiat currencies without limit. According to BBVA Switzerland’s CEO, Alfonso Gómez said that the decision to adopt Ether was based on growing interest from investors.

He reiterated the bank’s commitment to regulate and secure the crypto service to prevent abuse. At the heart of increasing crypto adoption is the concern for the safety of consumers’ funds. Gómez stated that the bank would offer the crypto service within laid-down regulations for financial transactions.

But BBVA Switzerland will not stop at Bitcoin and Ether. As one of Europe’s biggest banks leading crypto adoption, BBVA Switzerland will adopt more cryptocurrencies. Based on its decision to adopt the two biggest cryptocurrencies, we expect future adoption to be coins with the biggest market cap and interest.

Europe to Regulate Digital Assets

The European Central Bank (ECB) is set to adopt regulatory frameworks for crypto in 2022. In November, the Council of  Europe received reports containing proposals for regulatory frameworks. Security and ease of transactions were priorities on the report.

The European Parliament will debate it before reaching a decision. The ECB is expected to regulate digital asset use across Europe to test the Digital Euro. Emerging digital assets in Europe will drive economic growth and can help stabilize struggling economies.

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