BBVA Switzerland Enhances Digital Asset Operations with Metaco

BBVA Switzerland, a subsidiary of the Spanish banking giant BBVA, has partnered with Ripple-owned Metaco. This strategic collaboration aims to bolster BBVA Switzerland’s digital asset operations through Metaco’s Harmonize platform, as announced on social media.

This partnership places BBVA Switzerland among a series of prestigious banks that have recently forged alliances with Metaco. Notably, HSBC is set to launch a tokenized securities custody service in collaboration with Metaco by 2024, targeting institutional clients initially.

The trend of financial institutions turning to digital asset solutions is further evidenced by Germany’s DekaBank and DZ Bank, as well as Liechtenstein’s VP Bank, adopting Metaco’s Harmonize solution. These partnerships underscore Metaco’s growing influence in aiding top financial institutions with their digital asset ventures.

Unique Approach of BBVA Partnership

BBVA Switzerland’s approach to this partnership is distinctive, opting to utilize Metaco’s services through a Software-as-a-Service (SaaS) model. This collaboration gains additional strength from Metaco’s partnership with Avaloq, a Swiss wealth-tech firm. Avaloq, holding a 10% stake in Metaco since 2018 and operating as a subsidiary of Japan’s NEC Corporation, plays a crucial role in this alliance. Its cryptocurrency assets platform and core banking system are fully integrated with Harmonize, providing a robust foundation for BBVA Switzerland to expand its digital asset operations.

BBVA Switzerland has been a pioneer in the digital assets domain, having introduced cryptocurrency trading and custody services for its Swiss clients in June 2021. Alfonso Gómez, CEO of BBVA Switzerland, expressed that the new partnership will elevate the bank’s digital asset operations, enhancing speed, efficiency, and governance standards, thereby keeping the bank aligned with market trends.

Harmonize: A Comprehensive Digital Asset Platform

Launched in April 2021, Harmonize is an innovative digital asset custody and orchestration platform, offering a comprehensive solution for institutional clients. It facilitates the seamless integration of various digital asset use cases, including decentralized finance (DeFi), tokenization, cryptocurrency custody, and smart contract management, into existing infrastructures.

The platform encompasses several key components: Metaco Vaults for self-custody solutions, Metaco Trades as an order management system, Metaco Tokens for smart contract management, and Metaco Flows connecting clients to a network of sub-custodians. These components work collectively to provide an all-encompassing digital asset management experience.

The partnership between BBVA Switzerland and Metaco signifies a significant advancement in the integration of traditional banking with the evolving world of digital assets, marking a new era in financial services and asset management.