BBVA Switzerland, the Swiss arm of a large Spanish bank, has opted to utilize Ripple-owned tech firm Metaco’s Harmonize platform for its cryptocurrency custody operations catering to institutional investors. The bank, which has been offering custody services for Bitcoin and Ethereum since 2021, migrated its infrastructure to Harmonize for enhanced agility and security, emphasizing compliance with the highest regulatory standards.
The move to Harmonize is expected to bring more efficient transaction validation in a secure environment. The platform will also enable BBVA to connect with blockchains beyond Bitcoin and Ethereum, hinting at the potential expansion of its cryptocurrency services. The press release on December 7 highlighted the significance of the transition:
Trading on Harmonize offers the possibility for BBVA to introduce new services in the future, including the trading of additional crypto assets beyond Bitcoin and Ethereum, as well as the tokenization of traditional assets.
Metaco launched Harmonize, described as the orchestration layer for digital asset applications, in 2021. The platform has been gaining traction among financial institutions seeking efficient solutions for digital asset services. HSBC recently partnered with Metaco to integrate Harmonize into its new custody service for digital assets.
Metaco’s partnerships extend to other major financial institutions, including DZ Bank, Societe Generale, and UnionBank. In May 2023, Ripple acquired Metaco for $250 million, solidifying its presence in the digital asset infrastructure space.
The collaboration between BBVA and Metaco dates back to 2021 when the tech firm assisted BBVA Switzerland in launching crypto custody and trading services for individual clients. BBVA made history as the first tier-1 bank in the eurozone to provide such services at that time.