In a strategic move to fortify its digital asset offerings, Swiss private bank BBVA Switzerland has deepened its collaboration with Ripple-owned Metaco. According to the announcement, this expansion aims to propel BBVA into the forefront of digital asset services, leveraging Metaco’s cutting-edge technology. The partnership, characterized by speed, efficiency, and top-tier governance, positions BBVA to cater to the evolving needs of institutional clients in the dynamic digital assets landscape.
BBVA Switzerland, a trailblazer as the first Eurozone tier-1 bank to provide cryptocurrency services to individual clients, has announced a substantial expansion of its partnership with Metaco. The collaboration, recognized with the Celent Model Wealth Manager 2022 award, takes a significant leap forward as BBVA migrates its digital asset operations to Metaco’s Harmonie platform, delivered through a software-as-a-service (SaaS) model.
Alfonso Gomez, CEO of BBVA in Switzerland, emphasized the transformative impact of their alliance with Metaco. In addition, he added that teaming up with Metaco will ensure that they remain at the forefront, delivering the most secure and compliant infrastructure.
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Metaco, now under the umbrella of Ripple following a $250 million acquisition this year, is emerging as a pivotal player in the digital asset custody and tokenization realm. Meanwhile, BBVA’s seamless transition to Metaco’s institutional-grade platform, Harmonie, echoes recent collaborations with global giants like HSBC.
Notably, the Metaco-HSBC partnership signals a broader trend in the financial sector, emphasizing the adoption of advanced technology for digital asset custody services.
In addition, the landscape is evolving rapidly, with institutions like DZ Bank in Germany also embracing Metaco Harmonize for institutional digital asset custody. In addition, Metaco’s influence seems to be extending globally, as seen with Societe Generale FORGE securing a full DASP license, while marking a milestone in the Philippines with UnionBank obtaining a VASP license.
The ripple effect of Metaco’s prowess resonates across the industry, steering BBVA Switzerland toward a secure and compliant digital future.
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