BBVA already has bitcoin services in the European Union and Latin America

The Swiss subsidiary of the Spanish bank BBVA announced the launch of a 100% digital investment account with which it is trying to meet the needs of a new type of customers, tech-savvy, who want to invest “in more innovative and sustainable assets” such as bitcoin (BTC) and other cryptocurrencies.

The information was released this September 2 on BBVA’s official website

where it states that the new service is called New Gen (New Generation) and is aimed at its users located in more than 30 nations. This includes the bank’s customers in European Union member countries and residents in Mexico, Colombia, Argentina, Peru and Chile.

New Gen allows users to invest in both traditional and innovative assets, and includes a cryptocurrency wallet that facilitates exchange with other currencies, the BBVA Switzerland brief notes.

The new product offers access to a varied catalog of companies, funds, stocks and ETFs (exchange-traded funds), including services linked to bitcoin

. The bank indicates that trades with ether (ETH), the Ethereum cryptocurrency, will be included in the near future. BBVA BBVA BBVA Switzerland is part of the BBVA consortium based in Bilbao, Spain. Source: Wikipedia.

The minimum deposit to open an account is USD 10,000 or its equivalent in euros or Swiss francs. With this figure the bank lowers the level of requirements for the public interested in investing in bitcoin, because until now access to services with cryptocurrency was allowed only to private banking customers with a minimum net worth of one million dollars.

The director of Customer Solutions at BBVA Switzerland, Javier Rubio, told the media that with this offer they want to remove obstacles and barriers to investment.

He reiterated that they hope to attract a new type of investor. In particular, they are targeting young people who are attracted to these new sectors, “which have great potential to transform the future”. Among these new industries, the cryptoasset ecosystem stands out.

Rubio added that the new digital account provides access to a full range of online banking services and IBAN (international bank account number) numbers in dollars, euros or Swiss francs.

To start trading with New Gen, interested parties must register through an online form and then make a video identification call.

BBVA focuses its bitcoin operations in Switzerland

BBVA Switzerland is a franchise that is part of the financial consortium headquartered in Bilbao, Spain, which specializes in private banking. As reported by CryptoNews, after a six-month trial that began January 2021, the subsidiary <a href=”http

s://” target=”_blank” rel=”noopener”>began offering bitcoin trading and custody last June.

Until now, BBVA has limited its cryptocurrency service to its subsidiary in Switzerland with the idea of taking advantage of the more advanced regulatory framework that exists in that country, which also has a high level of cryptocurrency adoption.

In its communications, the bank always recalls the number of blockchain companies that are based in Switzerland, which is why it sees the European country as a favorable environment for its operations with cryptoassets.