Banco Bilbao Vizcaya Argentaria (BBVA) Switzerland, a banking giant launched its cryptocurrency wallet. The action comes amid an extension of the custody and trading services the bank began exploring earlier in June.
BBVA announced the news in a press release saying it launched its latest digital investment account, featuring an integrated cryptocurrency wallet.
In the press release, BBVA said users should deposit a minimum of 10,000 USD, Euros, or Swiss francs. But only after completing their KYC and video verification.
According to BBVA, users must be 18 years and be residents of the European Union, Mexico, Colombia, Argentina, Peru, or Chile before they could use their BBVA crypto wallet to store, buy and trade Bitcoin and Ethereum.
More so, Javier Rubio, Director of Client Solutions at BBVA Switzerland, said,
“With New Gen, we want to reach a new type of investor, attracted by new sectors that have great potential to transform the future."
In addition, BBVA’s New Gen account reportedly provides access to catalogs of businesses and funds into 11 various themes. This includes disruptive technologies, climate change, and autonomous vehicles, and others.
Following this, the bank added,
“The new account offers a multitude of ideas that every client can invest in what is of interest to them and in line with their principles, without obstacles or barriers, with one of the most competitive rates in Swiss banking and with all the guarantee and security of BBVA.”
BBVA Switzerland certainly isn’t the first major bank to offer cryptocurrencies to its clients, but it’s the first bank to accept non-accredited investors.