BBVA Switzerland forges a strategic alliance with Ripple-owned Metaco to build its digital asset operations via the latter’s Harmonize platform.
Enhanced Digital Asset Offerings
BBVA Switzerland has unveiled a significant collaboration with Metaco, a subsidiary of Ripple, to leverage its Harmonize platform for advancing digital asset operations. Harmonize, Metaco's digital asset custody and orchestration platform, will serve as the backbone for BBVA Switzerland's digital assets ecosystem, promising heightened speed, operational efficiency, and elevated governance standards.
The partnership positions BBVA Switzerland to broaden its digital asset offerings, incorporating use cases such as DeFi, tokenization, cryptocurrency custody solutions, and smart contract management.
Longstanding Partnership and Stakeholder Involvement
Metaco's Harmonize platform, introduced in April 2021, provides institutional clients with a suite of solutions, including self-custody (Metaco Vaults), order management (Metaco Trades), smart contract management (Metaco Tokens), and a networking tool connecting clients to a sub-custodian network (Metaco Flow).
Under the strategic collaboration, BBVA Switzerland will integrate digital asset products into its portfolio through Metaco's Software-as-a-Service (SaaS) model.
Adrien Treccani, Founder and CEO at Metaco, expressed satisfaction with the longstanding partnership, stating,
"Metaco and BBVA Switzerland have had a longstanding history of partnership. We are proud to bring our partnership to new heights."
Additionally, Swiss banking tech company Avaloq, with a 10% stake in Metaco, will play a crucial role in the project. The Harmonize layer, fully integrated into Avaloq's cryptocurrency assets platform and core banking system, will serve as the foundation for BBVA Switzerland's digital asset operations.
Pioneering In Eurozone
BBVA Switzerland, a pioneer in the Eurozone's digital assets domain, introduced cryptocurrency trading and custody services in June 2021 in addition to its traditional offerings. The current collaboration underscores the bank's commitment to advancing blockchain services and focusing on financial education in the digital asset sphere.
Alfonso Gómez, CEO of BBVA in Switzerland, highlighted the integration of Metaco's solution into their existing infrastructure within Avaloq, emphasizing its role in staying ahead of the market and offering the most secure and compliant infrastructure.
Empowering Digital Asset Capabilities
The partnership is poised to empower BBVA Switzerland to fortify its digital asset and private key custody capabilities, enhancing security policies and operational flexibility. This strategic move aligns with BBVA's vision for future business use cases in the digital asset space.
BBVA Switzerland's collaboration with Metaco echoes a growing trend among institutional banks, with Germany's DekaBank and Liechtenstein's VP Bank also tapping into Metaco's Harmonize solution earlier this year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
