BBVA taps Ripple platform for crypto custody

BBVA’s Swiss division, one of Spain’s largest banks, moved crypto custody services to Ripple’s Metaco Harmonize platform.

(1/3)?Read more about the expanded partnership between Metaco and @bbva, allowing @BBVASwitzerland to embark on a new stage in its #crypto strategy, characterized by the highest standards in security and operational agility. https://t.co/Dlx01dq6E1

— Metaco (@metaco_sa) December 7, 2023

According to the statement, BBVA Switzerland was the first among eurozone banks to offer clients access to bitcoin in June 2021. Later, support for digital assets expanded to Ethereum.

Moving the custody service to Harmonize will enable the institution to connect to other blockchains beyond the networks of the two largest cryptocurrencies by market capitalization. BBVA noted that this will allow offering institutional clients new services such as altcoin trading or the tokenisation of real assets for listing on exchanges.

Ripple Labs agreed to acquire Metaco, a Switzerland-based company, for $250 million in May this year. The infrastructure firm became a standalone business within the California-based fintech company.

Metaco’s Harmonize cryptocurrency custody platform is one of the most popular among institutional investors.

“The SaaS solution is fully integrated with the Avaloq Crypto Assets platform and the core banking system, ensuring compliance with regulatory requirements in terms of security and privacy,” BBVA emphasised.

Earlier, following Ripple’s purchase of Harmonize’s developer, media reports said Citigroup planned to find a replacement for a crypto custodian. The American financial conglomerate сотрудничал with Metaco since June 2022.