BBVA Switzerland, the branch of one of the largest and most important Spanish banks, has announced that it will use Metaco's Harmonize platform, owned by Ripple (XRP), for its institutional cryptocurrency custody services. This decision aims to improve the bank's agility and security in managing crypto assets.
The press release issued on December 7, 2023 states that BBVA will provide custody of Bitcoin and Ethereum from 2021, and the move to Harmonize promises a more efficient transaction validation process, improved security compliant with regulatory standards, and connectivity to other blockchain networks. This potential expansion opens the door for the bank to offer a broader range of services, including trading of new assets and tokenization of traditional assets.
The partnership with Metaco actually dates back to 2021, when the technology company assisted the bank in launching cryptocurrency custody and trading services, marking BBVA as the first European bank to provide such services.
The strength of the bank and Metaco's vast network could attract a significant clientele of retail and institutional investors looking for safe and reliable cryptocurrency custody solutions.
*some useful information about BBVA:
manages over $840 billion in capital, operates in 25 countries and has clients of all kinds, from individuals, corporations to institutional investors
Conclusion:
BBVA's integration of Harmonize marks another important step in the expansion of its portfolio but above all in the growth of the company itself which, by expanding its services, will inevitably attract a greater number of customers and liquidity in the sector.
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