In a significant move that underscores its commitment to technological innovation, BBVA in Switzerland has successfully transitioned its digital assets operations to Metaco’s Harmonize™, an institutional-grade digital asset custody and orchestration platform. This strategic shift, which integrates seamlessly with Avaloq’s Crypto Assets platform and Core Banking system, marks a pivotal step for BBVA in enhancing its digital asset and private key custody capabilities.
This latest technological advancement is set to revolutionize the way BBVA handles digital assets, offering a more secure and efficient framework for managing these modern financial instruments. The integration of Harmonize™ into BBVA’s existing infrastructure is a testament to the bank’s forward-thinking approach and its dedication to staying at the forefront of the rapidly evolving digital asset landscape.
BBVA is enhancing security and flexibility for institutional clients
The migration to Metaco’s platform is more than just a technological upgrade; it represents a significant enhancement in security policies, particularly for institutional clients. These clients will now experience greater flexibility and efficiency in their digital asset operations, a crucial factor in the increasingly digital-focused financial world. BBVA in Switzerland has established itself as a key player in the institutional blockchain ecosystem, and this development further solidifies its position.
In 2021, It became the first Tier 1 bank in the Eurozone to offer custody and trading services for cryptocurrencies, integrating these services into a combined portfolio that includes traditional and digital assets. Since then, the bank has not only focused on refining its blockchain services but has also committed to educating its clients about the financial landscape of digital assets. This educational initiative underscores BBVA’s dedication to ensuring its clients are well-informed and equipped to navigate the complexities of digital asset management.
Collaborative efforts with Metaco and Avaloq
The collaboration between BBVA, Metaco, and Avaloq is a cornerstone of this new development. Working closely together, these entities have successfully deployed and developed innovative digital assets offering in a Software as a Service (SaaS) model. This collaboration is not just about technological integration; it’s about creating a synergy that allows for the continuous evolution and expansion of BBVA’s digital asset services.
Alfonso Gómez, CEO of BBVA in Switzerland, emphasizes the importance of this partnership: “Our collaboration with Metaco, fully integrating our existing infrastructure within Avaloq, allows us to stay ahead of the market by offering the most secure and compliant infrastructure.” This partnership is expected to bring increased speed, efficiency, and the highest standard of governance, as BBVA accelerates its digital assets offerings for institutional clients.
Adrien Treccani, Founder and CEO of Metaco, also reflects on the long-standing relationship between the two companies: “Metaco and BBVA Switzerland have had a longstanding history of partnership, and we are proud to bring our partnership to new heights.” This statement highlights the depth of the relationship and the mutual commitment to advancing digital asset services.
The deployment of this new platform is more than just an upgrade; it represents a deepening of the partnership. As they continue to work together, their combined expertise and innovative approaches are set further to enhance BBVA’s capabilities in digital asset custody, positioning the bank as a leader in this dynamic field.
Conclusion
BBVA Switzerland’s migration to Metaco’s Harmonize™ platform, in collaboration with Avaloq, is a significant milestone in the bank’s journey toward digital transformation. This move not only enhances the bank’s digital asset services but also demonstrates its commitment to adopting cutting-edge technologies to better serve its clients. As the digital asset landscape continues to evolve, BBVA’s proactive approach and strategic partnerships position it well to meet the changing needs of its clients and maintain its status as a leader in the digital financial services sector.
