BBVA Switzerland, the Swiss subsidiary of Spanish banking giant BBVA, has announced a strategic partnership with Ripple-owned Metaco to expand its digital asset operations through the latter’s Harmonize platform, according to a social media report. announcement.
BBVA’s Swiss subsidiary is the latest in a string of high-profile banks to have struck deals with Metaco in recent months. HSBC is expected to launch a tokenized securities custody service in collaboration with Metaco by 2024. The service will initially be aimed at 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 to adopt digital asset solutions.
These partnerships reflect Metaco’s growing role in facilitating the digital asset efforts of leading financial institutions.
BBVA Suisse’s partnership with Metaco is unique in its deployment and development approach. The bank will use Metaco’s services through a Software-as-a-Service (SaaS) model.
The collaboration is further strengthened by Metaco’s partnership with Avaloq, a Swiss heritage technology company holding a 10% stake in Metaco since 2018 and operating as a subsidiary of Japanese company NEC Corporation.
Avaloq’s role is critical in the alliance, as its cryptocurrency asset platform and core banking system are fully integrated with Harmonize. BBVA Switzerland will build and expand its digital asset operations on the foundations built by Avaloq.
BBVA Switzerland is a leader in the field of digital assets. In June 2021, the private bank launched cryptocurrency trading and custody services for its Swiss clients.
Alfonso Gómez, CEO of BBVA Switzerland, 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 trends of the market.
Harmonize, launched in April 2021, is an innovative digital asset custody and orchestration platform. It provides a comprehensive solution for institutional clients, enabling seamless integration of various digital asset use cases into their existing infrastructure.
These use cases include decentralized finance (DeFi), tokenization, cryptocurrency custody, and smart contract management.
The platform includes several key components, including Metaco Vaults, a self-custody solution; Metaco Trades, an order management system; Metaco Tokens, a framework for intelligent contract management; and Metaco Flows, which connects clients to a network of sub-custodians.
All of these elements work in unison to deliver a holistic digital asset management experience.