The second-largest bank in Switzerland, Banco Bilbao Vizcaya Argentaria (BBVA), has unveiled a new digital investing account that will allow clients to construct portfolios in innovative industries.
The BBVA Swiss bank has launched a “100%” digital investment account, dubbed the “Next Gen account,” to fulfill the need of a new type of tech-savvy client who wants to invest in more creative, sustainable industries, as well as cryptocurrency.
Through the new Gen account, clients may invest in a portfolio of firms and funds arranged under 11 “themes,” including disruptive technologies like autonomous cars, robotics, the circular economy, 3D printing, and even cryptocurrency. In addition, clients will be able to invest in traditional and digital assets through the catalog, which will be modeled after the portfolios of prominent investors such as Cathie Wood and Warren Buffet.
The new invention was discussed by Javier Rubio, Director of Customer Solutions at BBVA Switzerland, who stated that the client could invest in traditional assets such as shares or investment funds and have a ‘wallet’ for cryptocurrency.
Clients will have access to the crypto wallet they wish to use, store, purchase, and sell Bitcoin through the Next Gen account, in addition to the investment money. Furthermore, the wallet will be completely linked with the bank’s mobile app, which will track Bitcoin holdings alongside other digital assets, money, and investments held by its customers.
The bitcoin wallet has been linked to the bank’s mobile app, making tax filing easier. In addition, users will be given a verified account as well as comprehensive transaction history.
The new banking products from BBVA will be accessible in all European Union nations and many South American regions. A customer who wishes to create and run a digital investment account must be an EU member state resident. Chile, Peru, Argentina, Colombia, and Mexico, among other countries, would purchase the goods.
Rubio stated that the bank’s Next Gen investment program aims to reach out to new investors.
“The new account offers a multitude of ideas so 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,”
Using Cryptocurrency to Fund Growth
The BBVA bank has shown its willingness to extend its digital asset trading services.
For its Swiss clients, the BBVA bank started Bitcoin trading and custody services in June. Furthermore, from June 21, the bank began offering Bitcoin trading services to all private banking clients interested in cryptocurrencies.
BBVA bank said at the time that Bitcoin trading services would be included in its asset investment catalog for private investment clients. As a result, clients can see how their Bitcoin is performing alongside the rest of their portfolios.
The BBVA bank also indicated that it intends to expand its cryptocurrency offering to include additional cryptocurrencies but that its cryptocurrency desk would not provide financial advice services for digital assets.
To avoid losses due to price fluctuation, the bank now automatically allows its customers to change between Bitcoin and fiat currencies.