Breaking Ground In Crypto Security: BBVA Moves Custody Service To Ripple’s Metaco Harmonize

BBVA Switzerland, the Swiss division of a major Spanish banking institution, has revealed its decision to leverage the technology of Metaco, a company owned by Ripple, by adopting the Harmonize platform.

This strategic move aims to enhance BBVA’s crypto custody operations, specifically targeting institutional investors. On Dec 7, as outlined in a press release, BBVA, a provider of Bitcoin and Ether custody since 2021, moved its infrastructure to Harmonize.

This strategic move was driven by the bank’s pursuit of enhanced agility and security in its operations. “In this setting, the validation of transactions becomes more streamlined, and the custody of crypto assets adheres to the stringent security standards mandated by regulators.”

Harmonize, the new platform, enables BBVA to establish connections with blockchains beyond Bitcoin and Ethereum, paving the way for potential expansion in the bank’s cryptocurrency services.

Harmonizing Finance: BBVA and Metaco’s Trailblazing Partnership In Crypto Custody & Trading

According to the statement, utilizing Harmonize™ for trading creates opportunities for BBVA to introduce additional services in the future, such as trading various crypto assets beyond bitcoin and ether and exploring the ‘tokenization’ of conventional assets.

In 2021, Metaco introduced Harmonize, a groundbreaking orchestration layer for digital asset applications. HSBC has recently joined forces with Metaco to seamlessly incorporate Harmonize into its novel custody service for digital assets.

Metaco’s collaborative ventures extend to prominent legacy financial institutions, including DZ Bank, Societe Generale, and UnionBank. These successes culminated in May 2023, when Ripple acquired Metaco for $250 million.

In 2021, the collaboration between BBVA and Metaco commenced, with the technology firm playing a pivotal role in assisting BBVA Switzerland in introducing cryptocurrency custody and trading services for individual clients. Additionally, this groundbreaking initiative marked BBVA as the inaugural tier-1 bank in the eurozone to offer such comprehensive financial services.

Related Reading | CBDC Controversy In The US: Legislation Aims To Halt Digital Dollar

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.