- BBVA Switzerland has teamed up with Metaco, a Ripple-owned company, to enhance its digital asset operations using the Harmonize platform.
- This partnership positions BBVA as a leader in digital assets, integrating Metaco’s solutions with Avaloq’s banking system for advanced digital asset management.
A Strategic Alliance in Digital Asset Management
BBVA Switzerland, a subsidiary of the global banking giant BBVA, has embarked on a pioneering venture with Ripple-owned Metaco. This collaboration marks a significant step in BBVA Switzerland’s journey to elevate its digital asset operations through Metaco’s advanced Harmonize platform.
Innovative Approach with Harmonize
Harmonize, launched in April 2021, is an avant-garde platform for digital asset custody and orchestration. It stands out for its comprehensive capability to integrate various digital asset use cases – from decentralized finance (DeFi) and tokenization to cryptocurrency custody and smart contract management – into existing institutional infrastructures. Key components of Harmonize include Metaco Vaults for self-custody, Metaco Trades for order management, Metaco Tokens for smart contract management, and Metaco Flows connecting clients to a network of sub-custodians.
BBVA’s Leap into Digital Asset Frontier
BBVA Switzerland has established itself as a frontrunner in the digital assets domain, having introduced cryptocurrency trading and custody services for its Swiss clients in June 2021. The bank’s CEO, Alfonso Gómez, highlights the new partnership with Metaco as a means to bolster BBVA’s digital asset operations, promising enhanced speed, efficiency, and governance standards.
A Synergistic Partnership with Avaloq
The collaboration is fortified by Metaco’s relationship with Avaloq, a Swiss wealth-tech firm holding a 10% stake in Metaco and operating as a subsidiary of Japan’s NEC Corporation. Avaloq’s role is crucial, as its cryptocurrency assets platform and core banking system are seamlessly integrated with Harmonize. This integration enables BBVA Switzerland to build and expand its digital asset operations on a solid, pre-established foundation.
Implications for the Future of Digital Assets
BBVA Switzerland’s strategic move, in conjunction with Metaco and Avaloq, is indicative of a broader trend among financial institutions towards embracing digital asset solutions. With this partnership, BBVA Switzerland is not just enhancing its service offerings but also positioning itself at the vanguard of digital asset management and innovation. As the bank continues to develop its capabilities in this realm, it sets a benchmark for other institutions looking to delve into the dynamic world of digital assets.
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