{"id":66541,"date":"2023-12-08T09:04:55","date_gmt":"2023-12-08T13:04:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66541"},"modified":"2023-12-08T09:04:59","modified_gmt":"2023-12-08T13:04:59","slug":"bbva-switzerland-to-migrate-its-crypto-custody-service-to-harmonize","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bbva-switzerland-to-migrate-its-crypto-custody-service-to-harmonize\/","title":{"rendered":"BBVA Switzerland to Migrate its Crypto Custody Service to Harmonize"},"content":{"rendered":"\n<p>BBVA Switzerland, the Swiss branch of one of the largest Spanish banks, has announced that it will utilize the Harmonize platform from Ripple-owned technology company Metaco to store cryptocurrency for<a href=\"https:\/\/coinscreed.com\/staging\/coinbase-launches-crypto-lending-for-us-institutional-investors.html\" target=\"_blank\" rel=\"noreferrer noopener\"> institutional investors<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"528\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-1024x528.png\" alt=\"BBVA Switzerland to Migrate its Crypto Custody Service to Harmonize\" class=\"wp-image-66550\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-1024x528.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-300x155.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-768x396.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-18x9.png 18w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28-750x386.png 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28.png 1048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">BBVA Switzerland to Migrate its Crypto Custody Service to Harmonize<\/figcaption><\/figure>\n\n\n\n<p>BBVA, which has been a custody provider for Bitcoin and Ether since 2021, migrated its infrastructure to Harmonize on December 7 to increase its agility and security, as stated in the press release:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIn this environment, transaction validation is more agile and crypto assets are held in custody according to the highest security standards required by regulators.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>By allowing the bank to connect to blockchains other than Bitcoin and Ethereum, <a href=\"https:\/\/www.metaco.com\/platform\/harmonize\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Harmonize <span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>could potentially expand BBVA's cryptocurrency service:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201c\u200b\u200bTrading on Harmonize\u2122 opens the door to BBVA being able to offer new services in the future, such as trading of other cryptoassets in addition to bitcoin and ether, or the \u2018tokenization\u2019 of traditional assets.\u201d\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>2021 saw the introduction of Harmonize by Metaco, the orchestration layer for digital asset applications. Metaco and HSBC, an additional financial institution, recently partnered to integrate Harmonize with HSBC's new digital asset custody service. <\/p>\n\n\n\n<p>UnionBank, DZ Bank, and <a href=\"https:\/\/coinscreed.com\/staging\/societe-generale-launches-euro-pegged-stablecoin.html\" target=\"_blank\" rel=\"noreferrer noopener\">Societe Generale<\/a> are among the significant legacy financial institutions with which Metaco has formed partnerships. Ripple acquired Metaco in May 2023 for a combined sum of $250 million.<\/p>\n\n\n\n<p>BBVA and Metaco commenced their collaboration in 2021 when the technology company assisted BBVA Switzerland in introducing cryptocurrency custody and trading services for individual clients. BBVA was the inaugural tier-1 bank in the eurozone to offer such services.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BBVA Switzerland, the Swiss branch of one of the largest Spanish banks, has announced that it will utilize the Harmonize platform from Ripple-owned technology company Metaco to store cryptocurrency for institutional investors. BBVA, which has been a custody provider for Bitcoin and Ether since 2021, migrated its infrastructure to Harmonize on December 7 to increase [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":66550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[567,17515,15200,17516],"class_list":["post-66541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bbva-2","tag-bbva-switzerland","tag-crypto-custody-2","tag-harmonize"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-28.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66541"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66550"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}