Bitcoin, the world’s largest cryptocurrency, has enjoyed its first-mover advantage for many years, and has long been the preferred asset for financial institutions looking to venture into the cryptoverse.
However, in a change of fortunes, the Swiss division of Spanish banking giant, Banco Bilbao Vizcaya Argentaria (BBVA), has announced the addition of Ethereum, the second-largest cryptocurrency, to its product line.
BBVA Switzerland has become the first traditional bank in Europe to include Ethereum among its available services by expanding its crypto offerings. The banking giant began offering crypto services, initially with Bitcoin alone, to its customers in June 2020.
According to Alfonso Gomez, the CEO of BBVA Switzerland, the move to add ETH was dictated by the desire of investors to diversify their portfolios. He explains;
"We decided to add ether to our crypto-asset 'wallet' because, together with bitcoin, they are the protocols that spark the most interest among investors while also offering all the guarantees to comply with the regulation."
In addition, BBVA Switzerland has revealed that it will continue to expand its cryptocurrency portfolio in the coming months. The Swiss bank hopes to make it easier for its customers to invest in this new digital phenomenon.
With New Gen, the bank’s 100% digital investment account, users can begin to access Bitcoin and Ethereum services with an initial deposit of $10,000.
On the Flipside
- Worried about the growth of the industry, the International Monetary Fund (IMF) has called for “comprehensive, consistent and coordinated” global regulations for cryptocurrencies.
Why You Should Care
Earlier held conceptions that Bitcoin was the go-to crypto with intrinsic value is truly changing, as Ethereum and other Altcoins are finding increasing favor among venture capitalists and financial institutions.