BBVA Switzerland selects Ripple-owned Metaco to power digital asset operations
The post BBVA Switzerland selects Ripple-owned Metaco to power digital asset operations appeared on BitcoinEthereumNews.com.
BBVA Switzerland, the Swiss subsidiary of the Spanish banking behemoth BBVA, has announced a strategic partnership with Ripple-owned Metaco to build its digital asset operations via the latter’s Harmonize platform, according to a social media announcement. BBVA’s Swiss unit is the latest in a string of prestigious banks that have entered deals with Metaco in recent months. HSBC is set to launch a custody service for tokenized securities in collaboration with Metaco by 2024. The service will initially be geared toward institutional clients. Meanwhile, Germany-based DekaBank and DZ Bank, as well as Liechtenstein’s VP Bank, have adopted Metaco’s Harmonize solution, marking a trend among financial institutions toward embracing digital asset solutions. These partnerships reflect Metaco’s expanding role in facilitating the digital asset endeavors of leading financial institutions. BBVA partnership BBVA Switzerland’s partnership with Metaco is unique in its deployment and development approach. The bank will utilize Metaco’s services through a Software-as-a-Service (SaaS) model. The collaboration is further strengthened by Metaco’s partnership with Avaloq, a Swiss wealth-tech firm holding a 10% stake in Metaco since 2018 and functioning as a subsidiary of Japan’s NEC Corporation. Avaloq’s role is pivotal in the alliance, as its cryptocurrency assets platform and core banking system are fully integrated with Harmonize. BBVA Switzerland will build and expand its digital asset operations on top of the foundation built by Avaloq. BBVA Switzerland has been a frontrunner in the digital assets domain. In June 2021, the private bank introduced cryptocurrency trading and custody services for its Swiss clientele. BBVA Switzerland CEO Alfonso Gómez said the new partnership will enhance the bank’s digital asset operations with greater speed, efficiency, and governance standards, keeping the bank at the forefront of market trends. Harmonize Harmonize debuted in April 2021, is an innovative digital asset custody and orchestration platform. It serves as…
Filed under: News - @ November 23, 2023 1:16 pm