BBVA Switzerland Partners with Ripple-Owned Metaco for Crypto Custody Services
BBVA Switzerland has announced that it will be migrating its crypto custody services to Metaco, a Ripple-owned infrastructure provider. The collaboration aims to expand BBVA Switzerland’s services beyond the Bitcoin and Ethereum networks, allowing fund managers and large companies to explore new business opportunities in the digital environment. Metaco’s Harmonize platform will serve as a connection between multiple blockchain networks and provide custodian services, trading capabilities, and real-world asset tokenization.
Ripple’s XRP Token Surges Following the Announcement
Following the news of BBVA Switzerland’s partnership with Metaco, Ripple’s XRP token experienced a surge of almost 2.3%, reaching a trading value of $0.61. This surge led to the token’s market capitalization reaching $34.6 billion at the time of writing.
Metaco Continues to Expand Its Partnerships in the Digital Asset Space
This collaboration with BBVA Switzerland is another significant step forward for Metaco, following its partnership with HSBC in November 2023. HSBC also joined forces with Metaco to launch a platform for tokenized securities custody, complementing its existing digital asset offerings. Ripple acquired a controlling stake in Metaco earlier in 2023, signaling its increasing focus on the custody market.
Hot Take: BBVA Switzerland Embraces Ripple-Owned Infrastructure for Enhanced Crypto Services
BBVA Switzerland’s decision to migrate its crypto custody services to Metaco demonstrates its commitment to expanding its offerings and exploring new opportunities in the digital asset space. By leveraging Metaco’s Harmonize platform, BBVA Switzerland aims to provide enhanced services not only for Bitcoin and Ethereum but also for other blockchain networks. This partnership further strengthens Metaco’s position as a leading infrastructure provider in the crypto industry. With Ripple’s backing, Metaco continues to forge strategic collaborations with major financial institutions, driving innovation and growth in the digital asset custody market.
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