BBVA Switzerland Utilizes Ripple's Metaco's Harmonize for Crypto Custody Operations
Summary:
BBVA Switzerland adopts Ripple-owned tech firm Metaco's Harmonize platform for crypto custody operations. The move aims to enhance transaction validation agility and security, and allows potential blockchain expansion. This partnership started in 2021 when Metaco helped BBVA Switzerland launch crypto services for individual clients, making BBVA the first tier-1 bank in the eurozone to offer such services.
BBVA Switzerland, the Swiss subsidiary of a major Spanish banking institution, has disclosed its adoption of Metaco's Harmonize platform, owned by Ripple, to enhance crypto custody procedures for institutional investors. As stated in the press release on December 7, BBVA has been offering Bitcoin and Ether custody operations since 2021 and made the switch to Harmonize to boost system agility and bolster security measures. The press announcement highlighted that the new platform will enable quicker transaction validations and ensure optimal security of crypto assets as per regulatory requirements.
In addition to connecting to Bitcoin and Ethereum, Harmonize offers the potential for BBVA to expand its crypto services to other blockchains. The press release mentioned: "By engaging in trading on Harmonize™, BBVA paves the way for potentially offering additional services such as the trading of other crypto assets beyond Bitcoin and Ether, as well as the 'tokenization' of traditional assets."
Despite reaching out to Metaco for more detailed information, Cointelegraph hasn't received a response at this time. The Harmonize platform, a management system for digital asset applications, was launched by Metaco in 2021. In a similar vein, HSBC recently linked with Metaco to incorporate Harmonize into its fresh custody service for digital assets. Large financial institutions, including DZ Bank, Societe Generale, and UnionBank, are counted among Metaco's partners. In a significant development, Ripple acquired Metaco in May 2023 for a transaction of $250 million.
The association between BBVA and Metaco started in 2021. Metaco assisted BBVA Switzerland in inaugurating crypto custody and trading services that cater to individual clients. This endeavor led to BBVA becoming the first tier-1 bank in the eurozone to offer these services. The Magazine reported: Uncertainties and apprehensions among lawmakers are influencing the proposed crypto regulations in the US.
Published At
12/8/2023 12:08:56 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.