BBVA in Switzerland will transition its crypto custody service to Metaco’s Harmonize platform and intends to extend its crypto trading services to include more than just Bitcoin and Ethereum. This partnership follows Ripple’s acquisition of the Swiss-based Metaco in May 2023.
BBVA in Switzerland, the Swiss division of the Spanish banking giant BBVA, has revealed its collaboration with the blockchain platform Metaco. The agreement will involve BBVA using Metaco’s Harmonize platform for its crypto custody service. This move marks the beginning of a new phase in the bank’s crypto strategy and aims to support its expansion amidst increasing demand from institutional clients.
BBVA Expanding Trading Beyond BTC and ETH
Metaco, established in Switzerland in 2015 as a digital assets custody platform, launched its Harmonize platform in 2021. Ripple, a prominent player in the crypto industry and the creator of XRP, acquired Metaco in May 2023.
Harmonize offers an institutional standard that financial institutions and corporations can utilize as they develop their blockchain and crypto services. Since 2021, BBVA has been providing Bitcoin and Ethereum trading as well as custody. With this collaboration, the bank will transfer custody to Metaco’s Harmonize and leverage its capabilities to expand its crypto trading services to encompass other cryptocurrencies. It will also utilize the platform for its tokenization product.
Alfonso Gómez, CEO of BBVA in Switzerland, stated in a statement, “Our partnership with Metaco, which will fully integrate our existing infrastructure within Avaloq, allows us to stay ahead of the market, offering the most robust and compliant platform.”
Adrien Treccani, founder and CEO of Metaco, added, “Metaco and BBVA Switzerland have had a longstanding history of partnership, and we are proud to bring our partnership to new heights, enabling awarded digital asset commercial offerings that fit the unique requirements of individuals and institutions.”
Metaco boasts significant partnerships with global banks and financial institutions, including HSBC, DZ Bank, Societe Generale, and UnionBank. Recently, Zodia, backed by Standard Chartered, integrated Metaco. Additionally, this week, the Ripple platform partnered with computing giant IBM on the Hyper Protect Offline Signing Orchestrator (OSO), a technology that facilitates the secure deployment and management of digital assets in cold storage for top-tier banks and financial institutions.
What is BBVA’s partnership with Ripple’s Metaco about?
BBVA in Switzerland is partnering with Ripple’s Metaco to use the Harmonize platform for its crypto custody service, enabling the expansion of its crypto trading services beyond Bitcoin and Ethereum.
When did Ripple acquire Metaco?
Ripple acquired Swiss-based Metaco in May 2023.
Which banks and financial institutions have partnerships with Metaco?
Metaco has partnerships with global banks and financial institutions, including HSBC, DZ Bank, Societe Generale, and UnionBank.
What recent partnership did Ripple enter into?
Ripple recently partnered with IBM on the Hyper Protect Offline Signing Orchestrator (OSO), a technology meant to make it easier and safer for top tier banks and financial institutions to handle digital assets in cold storage.