Earlier immediately, multinational banking giant Banco Bilbao Vizcaya Argentaria (BBVA) launched its latest electronic investment account, featuring an integrated cryptocurrency wallet. The proceed to add a digital crypto wallet is an extension of the guardianship and trading services the lender began experimenting with earlier in June.
To access the so-called “New Gen” account assistance, individuals must be 18 years old, and be residents in a nation of the European Union, Mexico, Colombia, Argentina, Peru, or Chile.
According to the pr release , users must down payment a minimum of $10, 000 in USD, Euros, or Switzerland francs. After the completion of an online KYC form and video verification, users can use their particular BBVA crypto wallet in order to store, buy and sell Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
“With New Gen we want to reach a new type of investor, drawn by new sectors that have great potential to change the future, ” said Javier Rubio, Director of Client Solutions at BBVA Swiss.
BBVA Bolsters Offerings with Bitcoin, and Ethereum, Alongside Catalogues of Investing Themes
Besides cryptocurrencies, BBVA’s New Gen accounts will offer access to catalogs associated with companies and funds arranged into 11 different styles, including climate change, troublesome technologies, and autonomous vehicles, among others.
“The new account offers a multitude of ideas that every client can purchase what is of interest to them and 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 associated with BBVA. ”
Much earlier this year, the likes of Goldman Sachs, Morgan Stanley, UBS, along with other financial institutions began offering crypto-based derivative and futures products. However , virtually all of these providers could only be utilized by accredited investors.
Related Reading | Goldman Sachs to Begin Offering Bitcoin Derivatives to Its Investors
BBVA Switzerland definitely isn’t the first major bank to offer cryptocurrencies to its clients, but it’s the first bank to accept non-accredited traders.
Despite its limited area availability, the idea of financial institutions providing direct crypto exposure to store investors may have major effects. The offerings are certainly limited, but with competitive fees, promises of top-notch safety banks could certainly siphon users from major exchanges in the near future.
It’ s also important to note the latest regulatory crackdown of exchanges such as Binance — which may play a major role in financial institutions expanding their products to everyday investors.
Related Reading | Crypto Exchange Binance Under Analysis by IRS and DOJ
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