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Latin American Customers Holds 20% of Crypto-Powered Accounts: BBVA

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BBVA reports
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On August 5th, 2022, Spain based private bank – BBVA – published an article highlighting the portion of Columbian users in overall New Gen digital accounts. Earlier several reports indicated the similar findings outlined that Latin American users are more towards adopting crypto solutions and related operations. BBVA noted that such users hold a significant part within their overall customers who looked towards the crypto solutions of the company. 

According to the BBVA article, nearly 20% of their overall users of their offering of ‘New Gen accounts’ are Colombians users. The New Gen account offers their customers to make direct investments in cryptocurrencies from their personal bank accounts. 

The insights of the article clearly proves the Colombian users hold special interest towards such accounts. The accounts that offer trading options in bitcoin and ethereum along with the options of anytime exchanging the crypto assets with fiat currencies using a digital wallet. BBVA provided data claiming about 37% of the users from Colombia visited the web page of their account. 

However,  the offered services are based in Switzerland, given the favorable environment of crypto firms due to clear legal framework for crypto assets. During an interview, CEO at BBVA Switzerland – Alfonso Gomez – mentioned the reasons that made the company choose the country for their offerings. 

Gomez said that Switzerland is quite dynamic and highly energetic, even in terms of crypto. He cited the example of the always ready to help attitude of Finma – the Swiss Financial Market Supervisory Authority. The regulators in the country are also comfortable. Even when BBVA like traditional banks try to approach them, they welcome them and show their gratitude while saying they are already thinking of bringing a similar type of technology. 

For a while, the general trend was observed within Columbian users as they were showing keen interest towards crypto assets and crypto based solutions. The welcoming attitude of crypto users in the region motivated several crypto firms to bring their operations and offerings to the country. Latin American crypto trading firms like Bitso and Ripio are example of such companies who reached to the Colombian users to offer their services. 

Nancy J. Allen
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