BBVA Switzerland, the Swiss branch of Spain’s largest bank, has announced that it will use Ripple-owned tech company Metaco’s Harmonize platform for crypto custody operations with institutional investors.
according to According to a press release published on December 7th, BBVA, which has been providing storage for Bitcoin (BTC) and Ether (ETH) since 2021, will move its infrastructure to Harmonize for added agility and security. We have migrated.
“In this environment, transaction verification becomes more agile and crypto assets are stored according to the highest security standards required by regulators.”
Harmonize could expand BBVA’s crypto services by allowing banks to connect to blockchains other than Bitcoin and Ethereum.
“Trading on Harmonize™ opens the door to the possibility that BBVA will be able to offer new services in the future, such as the trading of other crypto assets in addition to Bitcoin and Ether, as well as the ‘tokenization’ of traditional assets. Open.”
Cointelegraph has reached out to Metaco for additional details but has not yet received a response.
In 2021, Metaco launched Harmonize, an orchestration layer for digital asset applications. Recently, another bank, HSBC, partnered with Metaco to integrate Harmonize with his new custody service for HSBC’s digital assets. Metaco’s partnerships with leading financial institutions include DZ Bank, Société Générale and Union Bank. In May 2023, Metaco was acquired by Ripple for $250 million.
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The partnership between BBVA and Metaco began in 2021 when the technology company supported BBVA Switzerland. launch Cryptocurrency custody and trading services for individual customers. At the time, BBVA became the first Tier 1 bank in the euro area to offer such a service.
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