BBVA Switzerland, a Swiss branch of one of Spain’s largest banks, has adopted Ripple-owned tech firm Metaco’s Harmonize platform for managing crypto custody operations with institutional investors. The bank, which initiated custody services for Bitcoin and Ether in 2021, has transitioned its infrastructure to Harmonize to enhance agility and security.
“In this environment, transaction validation is more agile, and crypto assets are held in custody according to the highest security standards required by regulators.”
By leveraging Harmonize, BBVA can connect with various blockchains beyond Bitcoin and Ethereum. This move implies the potential expansion of the bank’s cryptocurrency services, according to a press release issued on Dec. 7.
“Trading on Harmonize™ opens the door to BBVA being able to offer new services in the future, such as trading of other cryptoassets in addition to bitcoin and ether, or the ‘tokenization’ of traditional assets.”
Metaco, the creator of Harmonize, introduced this orchestration layer for digital asset applications in 2021. Notably, HSBC recently partnered with Metaco to integrate Harmonize into its new custody service for digital assets. Metaco’s extensive collaborations with major financial institutions, including DZ Bank, Societe Generale, and UnionBank, highlight its prominent position in the legacy financial sector. In May 2023, Ripple acquired Metaco for $250 million.
The partnership between BBVA and Metaco originated in 2021 when the tech firm assisted BBVA Switzerland in launching crypto custody and trading services for individual clients. During this time, BBVA became the first tier-1 bank in the eurozone to offer such services.
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