Ripple’s Metaco Bolsters BBVA Switzerland’s Position in Digital Asset Services Collaboration – Can This Boost XRP?

• Prominent Switzerland-based bank BBVA strengthens partnership with Ripple-owned crypto custody Metaco. 
• Courtesy of the partnership, BBVA will go on to provide its institutional clients with heightened security while introducing digital asset offerings to customers.

BBVA Switzerland, a private Swiss bank is solidifying its position in the finance ecosystem with a new partnership. The firm has officially announced that it will strengthen its collaboration with Ripple’s Metaco, a prominent cryptocurrency custody firm.

As BBVA’s corporate clients seek out new and innovative solutions, the firm is attempting to keep up with the tides by expanding its services. The partnership will allow BBVA to tap into Metaco’s expertise and introduce digital asset offerings to customers.

In an official announcement blog post, the bank details the process leading up to this point;

BBVA in Switzerland has successfully migrated its digital assets operations to Metaco’s institutional-grade digital asset custody and orchestration platform, Harmonize™ which is fully integrated on Avaloq’s Crypto Assets platform and Core Banking system.

The infrastructure will make it possible for BBVA to improve on its existing digital assets and enhance its private key custody capabilities. At its core, the partnership targets the bank’s institutional clients, most of whom are flexible in their operations with digital assets. The move will also have a significant impact on the bank’s security policies going forward.

Metaco and BBVA’s executives speak on the significance of the partnership

It bears mentioning that BBVA is currently regarded as one of the leading institutional networks in the blockchain ecosystem. The bank held the position as the first TIER 1 bank providing custody and trading services for crypto under a combined portfolio across fractional and digital assets back in Europe in 2021.

The bank has since remained committed to improving its blockchain services while keeping its clients updated on the latest financial trends in the market. Speaking on the relevance of the partnership, the CEO of BBVA explained that the recent partnership is crucial for the bank to beat competitors. Alfonso Gómez, the CEO of BBVA in Switzerland stated;

Our partnership with Metaco, which will fully integrate our existing infrastructure within Avaloq, allows us to stay ahead of the market, offering the most secure and compliant infrastructure.

Similarly, Adrien Treccani, the Founder and Chief Executive Officer at Metaco observed that the move is only one of many partnerships it has struck with BBVA.

Metaco and BBVA Switzerland have had a longstanding history of partnership, and we are proud to bring our partnership to new heights as we continue to enable together awarded digital asset commercial offerings that fit the unique requirements of individuals and institutions.