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The Swiss subsidiary of one of the largest banks in Spain Banco Bilbao Vizcaya Argentaria (BBVA) has included Ethereum in the list of supported assets of the service for trading and storing cryptocurrencies.
According to the bank, it became the first among traditional financial institutions in Europe to add the second largest cryptocurrency to its product line by market capitalization.
According to CEO Alfonso Gomez, the move is dictated by the desire of investors to diversify their portfolios. The cryptocurrency management system was integrated into a banking application, where, in the investment section, digital assets “coexist” with traditional financial instruments.
Similar services with bitcoin are available to wealthy clients since June.
Further expansion of the list of supported assets is envisaged.
Entering new markets will depend on whether they meet the necessary conditions of maturity, demand and oversight.
As a reminder, in September, the Swiss Financial Market Supervision Authority approved the first crypto fund in accordance with the country’s legislation.
In September, the regulator licensed the SIX Digital Exchange platform to operate as an exchange and central depository for digital assets.
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