BBVA Switzerland, a subsidiary of the prominent Spanish bank BBVA, has recently announced its decision to utilize Metaco’s Harmonize platform for its cryptocurrency custody services aimed at institutional investors.
As per the press release issued on December 7, BBVA, which has been offering custody services for Bitcoin and Ether since 2021, has transitioned its infrastructure to Harmonize to enhance both agility and security. The bank highlighted that this new system allows for more efficient transaction validation and ensures that crypto assets are secured in compliance with the stringent standards mandated by regulatory bodies.
The adoption of Harmonize will enable BBVA to connect to a broader range of blockchains beyond just Bitcoin and Ethereum. This move potentially broadens the scope of BBVA’s cryptocurrency services. The bank is considering the possibility of offering additional services in the future, such as trading in other crypto assets besides Bitcoin and Ether, and the tokenization of traditional assets.
While Cointelegraph reached out to Metaco for further information, a response is still pending.
Metaco introduced Harmonize in 2021, positioning it as an orchestration layer for digital asset applications. This platform has already been adopted by other major banks, including HSBC, which integrated Harmonize into its new digital asset custody service. Metaco’s collaborations extend to several large traditional financial institutions, such as DZ Bank, Societe Generale, and UnionBank. In May 2023, Ripple, a major player in blockchain technology, acquired Metaco for $250 million.
The partnership between BBVA and Metaco dates back to 2021, when Metaco assisted BBVA Switzerland in launching its crypto custody and trading services for individual clients. This initiative marked BBVA as the first major bank in the eurozone to offer such services.
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