BBVA renews crypto custody with Metaco’s Harmonize

BBVA renews crypto custody with Metaco's Harmonize
  • BBVA Switzerland will use Metaco’s Harmonize platform for cryptocurrency custody.
  • Harmonize will expand BBVA’s capabilities to include more crypto assets and tokenization.
  • Metaco, now owned by Ripple, is strengthening its presence in the banking sector with significant partnerships.

BBVA Switzerland, the Swiss subsidiary of one of the largest banks in Spain, announced that it will use the Harmonize platform from Ripple-owned technology company Metaco for its custody operations of cryptocurrencies with institutional investors.

According to the press release published on December 7, BBVA, which has provided custody of Bitcoin (BTC) and Ethereum (ETH) since 2021, migrated its infrastructure to achieve more agility and security.

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Harmonize will expand BBVA’s blockchain connections

Harmonize will allow the bank to connect blockchains beyond Bitcoin and Ethereum, suggesting the potential expansion of BBVA’s crypto services.

Metaco and BBVA: An expanding partnership

Metaco launched Harmonize, the orchestration layer for digital asset applications, in 2021. Recently, another bank, HSBC, partnered with Metaco to integrate Harmonize with the new custody of HSBC’s digital assets.

Metaco’s partnerships with major traditional financial institutions include DZ Bank, Societe Generale, and UnionBank. In May 2023, Metaco was acquired by Ripple for $250 million.

The partnership between BBVA and Metaco began in 2021, when the technology company helped BBVA Switzerland launch cryptocurrency trading and custody services for individual clients. At that time, BBVA became the first Tier 1 bank in the eurozone to offer such services.

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