BBVA Transfers Cryptocurrency Storage to Ripple's Platform
Date: 2023-12-08 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
In a groundbreaking move, BBVA Switzerland, a prominent European bank, has chosen to leverage Ripple's platform, Metaco Harmonize, for storing cryptocurrencies. This decision makes BBVA Switzerland the first major Eurozone bank to offer its customers access to Bitcoin back in June 2021. Over time, their support for digital assets has extended to Ethereum as well.
The transition of the custodial service to Harmonize will enable BBVA to connect with other blockchains beyond the two largest cryptocurrencies by market capitalization. BBVA believes that this move will open up opportunities to offer institutional clients new services, such as trading alternative coins or tokenizing real assets for listing on exchanges.
Ripple Labs acquired Metaco, based in Switzerland, for $250 million earlier this year. Metaco has since become an independent business within the California-based fintech company. Metaco's custodial platform for cryptocurrencies, Harmonize, is highly favored among institutional investors.
BBVA emphasized that their Software as a Service (SaaS) solution is fully integrated with the Avaloq Crypto Assets platform and the core banking system, ensuring compliance with security and confidentiality regulations.
It's worth noting that following Ripple's acquisition of Harmonize developer Metaco, reports surfaced about Citigroup's intention to seek an alternative crypto custodian. The American financial conglomerate had been collaborating with Metaco since June 2022.
