Swiss arm of the Spanish financial conglomerate BBVA — BBVA Switzerland — has listed ether (ETH) into its list of supported assets for custody and trading services. As per an announcement, the bank's clients can now convert convert ether to fiat currencies like euros, dollars and so on.
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The bank claims it has become the very first traditional bank in Europe to incorporate ether into its service. BBVA Switzerland's clients can also hodl their cryptocurrency at the bank's custodian and trade with bitcoin (EXANTE: Bitcoin).
"We decided to add ether to our cryptoasset '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 regulation," said Alfonso Gómez, CEO of BBVA Switzerland.
This summer, the Swiss arm of BBVA also added support for bitcoin. Gómez noted that the bank found a "significant desire among investors" for cryptocurrencies as a way to diversify their portfolios. The bank said it operates with "several sources for converting cryptocurrencies," however, it remains unclear what platforms provide liquidity for the bank.
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