New Gen (investment account system for cryptocurrencies)

2021: System start-up

In early September 2021, the Swiss division of BBVA launched the New Gen account system. These are digital investment accounts for stocks and cryptocurrencies that can be available to any investors.

Most banks that have entered the cryptocurrency market tend to serve wealthy individuals or accredited investors. The New Gen account has a relatively low threshold requiring $10,000 in Swiss franc or euro equivalent and no special net worth requirements. These accounts are available to investors in most countries of the world, with the exception of the United States.

Bank BBVA launched global investment accounts in cryptocurrency for everyone

Banco Bilbao Vizcaya Argentaria (BBVA) is trying to give customers the opportunity to keep shares, cryptocurrencies and cash in one account, like Fidelity in the United States. The system also borrows experience. startup eToro The idea eToro began as a social investment platform where people could follow stock choices in other ways and in a similar way, the New Gen account allows investors to imitate the portfolios of prominent investors, including Katie Wood or, Warren Buffett there is also the possibility of choosing an investment topic.

Having announced plans to offer cryptocurrency to investors at the end of 2020, BBVA launched this service for its private banking customers in June 2021, initially with Bitcoin.

In March 2021, companies such as Goldman Sachs, Morgan Stanley, UBS and other financial institutions began to offer derivatives and futures products based on cryptocurrencies, but almost all of these services were available only to accredited investors.

Despite limited regional accessibility, the idea of ​ ​ financial institutions offering direct cryptocurrencies to retail investors can have serious consequences. Proposals are undoubtedly limited, but with competitive commissions and promises of first-class security, banks can certainly push users away from large exchanges. ^[1]

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