Recently this week, a well-known international banking platform named Banco-Bilbao-Vizcaya-Argentaria (BBVA) initiated its new account for digital investment, which offers an integrated wallet for cryptocurrency. This step of incorporating the crypto wallet is a further development in the trading and custody services that the bank has begun as experimentation since June. To get to the professed “New Gen” service of accounts, the persons are required to be at least 18 years, and they should be the citizens of Chile, Peru, Argentina, Colombia, Mexico, and the European Union.
The BBVA press release
The press release stated that the consumers are needed to invest the least possible amount of $10,000 value in Euros, Swiss francs, or USD. Following the accomplishment of a KYC form along with video verification, the customers can utilize the BBVA wallets to buy, sell, and store Ethereum and Bitcoin (the two major cryptocurrencies in terms of market capitalization. Javier Rubio, the client solutions director at BBVA, mentioned that the New Gen would assist the company in getting the latest investors attracted towards new sectors having a huge potential of transformation in the upcoming time.
BBVA boosts the services with Ethereum and Bitcoin besides investing-themes-catalogs
Alongside the cryptocurrencies, the firm’s New-Gen account will provide access to the company catalogs and funds structured in up to 11 distinct themes involving climate change, autonomous vehicles, and disruptive technologies, as well as the others. At the beginning of this year, UBS, Goldman Sachs, Morgan Stanley, and other such institutions for finance started the cryptocurrencies-based futures and derivative products’ offerings. Nonetheless, these services are available only to accredited investors. BBVA Switzerland is, however, not the earliest prominent bank to provide cryptocurrencies to the customers thereof; nevertheless, it is the earliest bank to recognize non-accredited investors.
Notwithstanding its narrow regional accessibility, the provision of direct exposure to crypto by the financial institutions to the trade investors may include some key implications. The offered services are limited; nevertheless, the promises by prominent security banks and competitive fees attract the majority of the users in the coming days. It is also noteworthy that the latest regulatory crackdown on the exchanges like Binance as well as some of the others may possibly play a key role in the expansion of the services of financial institutions for their common investors.