BBVA used the Ripple platform to store cryptocurrencies

Switzerland-based banking division BBVA has moved its cryptocurrency custody services to Ripple's Metaco Harmonize platform.

According to the statement, BBVA Switzerland was the first among large banks in the eurozone to offer clients access to Bitcoin in June 2021. Support for digital assets was later expanded to Ethereum .

The transfer of the depositary service to Harmonize will provide the institution with the opportunity to connect to other blockchains in addition to the networks of the two largest cryptocurrencies by capitalization. BBVA noted that this will make it possible to offer institutional clients new services such as altcoin trading or tokenization of real assets for listing on exchanges.

Ripple Labs agreed to a $250 million takeover of Switzerland-based Metaco in May of this year. The infrastructure firm became a separate business within the California fintech company.

Metaco's cryptocurrency custodial platform Harmonize is one of the most popular among institutional investors.

SaaS solution is fully integrated with the Avaloq Crypto Assets platform and the core banking system, which ensures compliance with regulatory requirements in terms of security and confidentiality,” BBVA emphasized.

Let us remember that after Ripple purchased the developer Harmonize, the media learned about Citigroup’s intention to find a replacement for the crypto-custodian . The American financial conglomerate has collaborated with Metaco since June 2022.