Ripple 
$1 has announced the expansion of its collaboration with Banco Bilbao Vizcaya Argentaria (BBVA), a major banking institution based in Spain. This enhanced partnership aims to provide BBVA with advanced cryptocurrency custody services. This agreement is set to enable the bank to meet the increasing demand for cryptocurrency services among its customers.
Scope of the New Agreement
Cassie Craddock, a Ripple executive in Europe, highlighted that BBVA is making innovative strides in the cryptocurrency field with the new agreement. As part of the collaboration, Ripple will supply BBVA with cryptocurrency custody services.
With this service, BBVA can offer a broader range of cryptocurrency custody options to its clients. The bank aims to enhance its services in terms of security and accessibility by utilizing Ripple’s technology.
The new partnership strengthens the existing collaboration between Ripple and BBVA, allowing them to establish a more comprehensive service network in the cryptocurrency sector. This development demonstrates BBVA’s efforts to deepen its activities in the cryptocurrency market across various regions.
History of Ripple and BBVA Collaboration
BBVA began its collaboration with Ripple in April 2017. During this period, the bank used Ripple’s technology to conduct the first real-time international money transfer between Mexico and Spain.
In 2021, BBVA’s Swiss branch started offering cryptocurrency custody services using Metaco’s Harmonize platform, owned by Ripple. This move facilitated BBVA’s efforts to elevate its cryptocurrency services to a corporate level in Europe.
Last year, BBVA’s Turkish subsidiary collaborated with Ripple and IBM on a project focusing on enhancing cryptocurrency security. Through this, the bank diversified its cryptocurrency activities in different regions.
