BBVA Switzerland, a Swiss department of one of many largest Spanish banks, has introduced it’s going to use Ripple-owned tech agency Metaco’s Harmonize platform for its crypto custody operations with institutional traders.
In keeping with the press launch published on Dec. 7, BBVA, which has been offering Bitcoin and Ether custody since 2021, migrated its infrastructure to Harmonize to attain extra agility and safety:
“On this surroundings, transaction validation is extra agile and crypto property are held in custody in response to the very best safety requirements required by regulators.”
Harmonize will let the financial institution hook up with different blockchains, other than Bitcoin and Ethereum, which implies the potential enlargement of BBVA’s crypto providers, the assertion stated:
“Buying and selling on Harmonize™ opens the door to BBVA having the ability to provide new providers sooner or later, comparable to buying and selling of different cryptoassets along with bitcoin and ether, or the ‘tokenization’ of conventional property.”
Cointelegraph has contacted Metaco to get further particulars, however hasn’t but acquired a reply.
Metaco launched Harmonize, the orchestration layer for digital asset functions, in 2021. Lately, one other financial institution, HSBC, partnered with Metaco to combine Harmonize with HSBC’s new custody service for digital property. Metaco’s partnerships amongst giant legacy monetary establishments embrace DZ Financial institution, Societe Generale and UnionBank. In Could 2023, Metaco was acquired by Ripple for $250 million.
The partnership between BBVA and Metaco started in 2021 when the tech agency helped BBVA Switzerland launch crypto custody and buying and selling providers to particular person shoppers. Again then, BBVA turned the primary tier-1 financial institution within the eurozone to offer such providers.