BBVA Switzerland, the Swiss division of one of Spain's major banks, disclosed its collaboration with Metaco, a technology firm owned by Ripple, to utilize the Harmonize platform for managing crypto custody services aimed at institutional investors.
As stated in a press release on December 7, BBVA has been providing Bitcoin and Ethereum Hosting since 2021. To enhance its operational capabilities and fortify security measures, the bank has chosen to transition its infrastructure to Harmonize:
"The move to Harmonize allows for quicker transaction verifications and ensures that crypto assets are hosted with the highest security standards compliant with regulatory requirements."
Harmonize, introduced by Metaco in 2021, acts as an orchestration layer for digital asset applications. Through this platform, banks gain the potential to connect with blockchains beyond Bitcoin and Ethereum, thereby broadening BBVA's scope in the crypto space:
"The utilization of Harmonize paves the way for BBVA to potentially extend its crypto services in the future, facilitating the trading of various other crypto-assets beyond Bitcoin and Ethereum, or exploring traditional asset 'tokenization.'"
Metaco's previous collaborations with established financial institutions include HSBC, DZ Bank, Societe Generale, and UnionBank. HSBC recently partnered with Metaco to integrate Harmonize into its new digital asset custody service. Ripple acquired Metaco in May 2023 for $250 million.
BBVA and Metaco initiated their partnership in 2021, during which the technology firm assisted BBVA Switzerland in launching cryptocurrency custody and trading services tailored to individual customers. This milestone established BBVA as the first Tier 1 bank in the Eurozone to offer such comprehensive crypto services.
