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BBVA Switzerland partners Ripple-owned Metaco to power digital asset operations

Published

12 months ago

November 23, 2023

BBVA Switzerland, the Swiss subsidiary of the Spanish banking behemoth BBVA, has partnered with Ripple-owned Metaco to use its Harmonize platform to build digital asset operations. This was announced in a social media post.

BBVA Switzerland is the latest in a long line of prestigious banks to partner with Metaco. HSBC plans to launch a custody service with Metaco by 2024, initially for institutional clients.

Other banks aside from BBVA Switzerland have adopted Metaco’s Harmonize solution, including Germany-based DekaBank and DZ Bank, as well as Liechtenstein’s VP Bank. This trend shows that more financial institutions are starting to embrace digital asset solutions.

Metaco’s partnerships with leading financial institutions reflect its growing influence in the digital asset space. Its solutions are becoming increasingly popular among banks looking to adopt digital assets, which are becoming more and more important in the financial industry.

BBVA Switzerland’s partnership with Metaco is unique because it is using Metaco’s services in a Software-as-a-Service (SaaS) model, which is becoming increasingly popular in the industry. In this model, the software is hosted and managed by Metaco, which takes care of all the infrastructure and maintenance. This approach allows BBVA Switzerland to focus on its core business, while Metaco handles the technical aspects of its digital asset operations.

BBVA Switzerland will build and expand its digital asset operations on Avaloq’s integrated cryptocurrency assets platform and core banking system which are fully integrated with Harmonize.

Alfonso Gómez, CEO of BBVA Switzerland, has said that the new partnership will allow the bank to keep up with the latest market trends and enhance its digital asset operations with greater efficiency and speed. By having Metaco and Avaloq handle the technical aspects of their operations, BBVA Switzerland can focus on providing the best possible service to its customers.