BBVA Switzerland, one of Switzerland’s leading private banks, has made a strategic move to strengthen its crypto asset services. It announced that it has formed a partnership with Metaco, a company owned by Ripple. This collaboration comes after a move to provide advanced speed, efficiency, and top-level governance to corporate clients in the rapidly evolving digital assets environment.
BBVA Switzerland Enhances Crypto Asset Services with Ripple’s Metaco
BBVA Switzerland, the first-tier bank in the Eurozone to offer cryptocurrency services to individual customers, has consolidated its partnership with Metaco to further strengthen its commitment to digital assets. This partnership, which has been awarded the prestigious Celent Model Wealth Manager 2022, allows BBVA to transfer its digital asset operations to Metaco’s advanced Harmonie platform, which is offered as a software-as-a-service (SaaS) model.
Alfonso Gomez, CEO of BBVA Switzerland, highlighted the transformative impact of their alliance with Metaco. He also emphasized their commitment to maintaining their leadership position by providing the safest and most compliant infrastructure.
A Step in Line with Industry Trends
Following a $250 million acquisition, Metaco, now part of Ripple, has become a significant player in the crypto asset custody and tokenization sector. BBVA’s seamless transition to Metaco’s enterprise-grade Harmonie platform holds significance. As demonstrated by their recent collaborations, including their partnership with global financial giant HSBC, Metaco’s partnerships align with broader industry trends.
The financial sector has entered a new phase with institutions like DZ Bank in Germany embracing Metaco Harmonize for institutional crypto asset custody. There is a growing approach towards adopting advanced technology for crypto asset custody services.
The Impact of Mateco
Metaco’s influence is expanding globally, marked by Societe Generale FORGE obtaining a full Digital Asset Service Provider (DASP) license and UnionBank in the Philippines obtaining a Virtual Asset Service Provider (VASP) license, signifying significant milestones in their respective regions.
Metaco’s expertise has had a ripple effect across the industry, guiding BBVA Switzerland towards a secure and compliant digital future. This strategic partnership positions BBVA to be at the forefront of digital assets, catering to the evolving needs of corporate clients. As of writing this article, the cryptocurrency XRP is trading at $0.61.
