Spanish lender BBVA is advising wealthy clients to invest up to 7% of their portfolio into cryptocurrencies, an executive said, in the latest sign some banks are warming to a sector long avoided by mainstream finance because of its risks, according to Reuters.
BBVA’s private bank advises clients to invest 3% to 7% of their portfolio in cryptocurrencies depending on their risk appetite, Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland, told the DigiAssets conference in London.
„With private customers, since September last year, we started advising on bitcoin,” Meyer said. „The riskier profile, we allow up to 7% of (portfolios in) crypto.”
While many private banks execute client requests to buy cryptocurrencies, it is relatively unusual for them to advise them to actively buy them.
Garanti BBVA Kripto
Garanti BBVA Kripto, a subsidiary of Garanti BBVA, one of the largest banks in Turkey, 86% owned by the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA), has announced a strategic partnership with Wyden to support the growth of Garanti BBVA Kripto’s digital asset trading offering to its retail and corporate customer base.
Garanti BBVA Kripto will include both crypto trading pairs in Turkish Lira, US Dollar and trading between cryptocurrencies, expanding local market access to digital assets and creating a seamless and efficient experience for Turkish investors.
Onur Güven, CEO at Garanti BBVA Kripto stated: “As we build out our efficient, scalable, and compliant crypto trading offering for our retail and corporate clients, Wyden’s advanced technology gives us the flexibility and confidence to operate and scale in this emerging segment – while always staying closely aligned with our regulatory and risk management priorities. As Garanti BBVA Kripto we are going to constantly build towards the needs of crypto users and the industry.”
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
