BBVA Switzerland has announced a major expansion of its partnership with Metaco, a Ripple-owned company that provides digital asset custody and tokenization solutions. BBVA will migrate its crypto operations to Metaco’s Harmonize platform, which offers speed, efficiency, and top-tier governance.
The Swiss private banking arm of the Spanish banking giant BBVA has taken a significant step forward in its digital asset strategy by announcing a substantial expansion of its partnership with Metaco, a leading provider of digital asset custody and tokenization technology.
BBVA Switzerland was the first Eurozone tier-1 bank to offer cryptocurrency services to its individual clients, enabling them to buy, sell, store, and manage bitcoin and ether within the same app as their traditional assets.
The bank has also been exploring other use cases for digital assets, such as tokenization of real assets, decentralized finance, and central bank digital currencies.
BBVA Switzerland has decided to migrate its digital asset operations to Metaco’s Harmonize platform, which is delivered through a software-as-a-service (SaaS) model to enhance its crypto offerings and meet the growing demand from institutional clients.
Harmonize is an institutional-grade platform that enables banks and financial institutions to securely store, trade, issue, and manage any tokenized asset.
Metaco, which was acquired by Ripple, the leader in enterprise blockchain and crypto solutions, for $250 million earlier this year, has been collaborating with BBVA Switzerland since 2018.
The partnership, which was recognized with the Celent Model Wealth Manager 2022 award, has enabled BBVA to integrate crypto services into its core banking system, ensuring compliance, security, and scalability.
Alfonso Gomez, CEO of BBVA in Switzerland, highlighted the transformative impact of their alliance with Metaco.
He said:
“We are very proud of the work we have done with Metaco over the years, which has allowed us to offer our clients a unique value proposition in the crypto space. By migrating to Metaco’s Harmonize platform, we will be able to leverage the latest technology and offer our clients the best possible service in terms of speed, efficiency, and governance.”
Adrien Treccani, founder and CEO of Metaco, also expressed his satisfaction with the partnership. He said:
“We are delighted to deepen our relationship with BBVA Switzerland, one of the most innovative and forward-thinking banks in the world. BBVA has been a pioneer in embracing digital assets, and we are honored to support them in their journey. With Harmonize, BBVA will be able to access a state-of-the-art platform that will enable them to scale their crypto operations and offer new services to their clients.”
The announcement of BBVA Switzerland’s migration to Metaco’s Harmonize platform comes amid a wave of collaborations between Metaco and other global players in the financial industry, such as HSBC, Standard Chartered, and Deutsche Börse.
These partnerships demonstrate the growing adoption of digital assets by traditional finance and the increasing demand for secure and versatile custody infrastructure.
