BBVA
Switzerland has entered into a collaboration agreement with the blockchain company
Metaco to host its digital asset custody service on the Harmonize platform,
marking a notable step in its crypto strategy.
The
move emphasizes security standards and increased transactional agility. The
partnership also lays the foundation for BBVA to broaden its service offerings
in the future to cater to institutional clients.
Alfonso Gómez, CEO, BBVA Switzerland, Source: LinkedIn
Harmonize
trading capabilities open avenues for BBVA to introduce new services, such as
trading additional crypto assets beyond Bitcoin and Ether, or the potential
‘tokenization’ of traditional assets. Tokenization involves representing assets
on the blockchain to improve their management with traceability, security, and
transparency.
Adrien Treccani, Founder and CEO, Metaco, Source: LinkedIn
These
advancements empower BBVA to cater to the evolving needs of private banking
customers and institutional clients, including fund managers and large
corporations seeking digital business opportunities with agility, efficiency,
and adherence to security standards.
In
2021, Finance Magnates reported
that BBVA Switzerland had pioneered among major Eurozone banks by introducing a
Bitcoin trading and custody service, later
expanded to include Ether. The custody service has transitioned to Metaco’s
Harmonize platform, providing enhanced operational flexibility, maximum
security, and connectivity to other blockchains beyond Bitcoin and Ethereum.
This positions BBVA to expand its services for institutional clients.
Within
this framework, transaction validation becomes more streamlined, and cryptoassets adhere
to the security standards mandated by regulators. In the upcoming months, these
assets will be stored in a ‘cold wallet.’ It will enhance security by isolating
them from the internet and external networks, residing in a physically secure
location to prevent unauthorized access.
Alfonso
Gómez, the CEO of BBVA in Switzerland, expressed: “Our partnership with
Metaco, fully integrated within Avaloq, allows us to stay ahead of the market,
offering the most robust and compliant platform.”
Harmonize
Platform and Regulatory Requirements
Metaco,
a Swiss technology company specializing in digital asset infrastructure
solutions, is recognized for its institutional standard in blockchain
services. Harmonize serves as a popular platform for storing cryptocurrencies,
issuing tokenized assets, managing…
