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- BBVA in Switzerland is set to migrate its crypto custody service to Metaco’s Harmonize platform.
- Additionally, it plans to expand its crypto trading services beyond Bitcoin and Ethereum.
- Ripple acquired Swiss-based Metaco in May 2023.
Exciting news from BBVA in Switzerland! They have announced a new partnership with blockchain platform Metaco, which will enable them to use Metaco’s Harmonize platform to host its crypto custody service. This move marks a significant step in the bank’s crypto strategy and will help them meet the growing demand from institutional clients.
BBVA to expand trading beyond BTC. ETH
Metaco, a Swiss-based digital assets custody platform founded in 2015, launched its Harmonize platform in 2021. Ripple, a global leader in the crypto industry and the creator of XRP, acquired Metaco in May 2023.
Harmonize provides an institutional standard that financial institutions and corporations can leverage as they build their blockchain and crypto services. BBVA, who has been offering Bitcoin and Ethereum trading as well as custody since 2021, is now migrating custody to Metaco’s Harmonize and will leverage its features to expand its crypto trading service to other cryptocurrencies, as well as for its tokenization product.
Alfonso Gómez, CEO of BBVA in Switzerland, expressed his enthusiasm about the partnership, stating, “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 has key partnerships with global banks and financial institutions, including HSBC, DZ Bank, Societe Generale, and UnionBank.
In other exciting news, the Ripple platform has partnered with computing giant IBM on the Hyper Protect Offline Signing Orchestrator (OSO), a technology that makes it easier and safer for top-tier banks and financial institutions to safely deploy and handle digital assets in cold storage.