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.
BBVA's Strategic Partnership with Metaco
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.
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.
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 smart contracts, and connecting organizations to the decentralized finance universe. The platform, integrated into Avaloq’s Crypto Assets platform and Core Banking system, complies with regulatory requirements.
Adrien Treccani, the Founder and CEO of Metaco, said: “Metaco and BBVA Switzerland have had a longstanding history of partnership, and we are proud to bring our partnership to new heights, enabling awarded digital asset commercial offerings that fit the unique requirements of individuals and institutions.”
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments