The American blockchain company Ripple, the developer of XRP, will provide cryptocurrency custody services for Spain's Banco Bilbao Vizcaya Argentaria (BBVA).
On Tuesday, it was announced that Ripple and BBVA have reached an agreement for cryptocurrency custody services, following BBVA's recent announcement of launching retail trading and custody services for Bitcoin (BTC) and Ethereum (ETH). BBVA will rely on Ripple's institutional-grade custody services to provide related services to its clients.
Francisco Maroto, head of digital assets at BBVA, stated that Ripple's custody services enable BBVA to meet the standard of "directly providing end-to-end custody services."
Cassie Craddock, managing director of Ripple Europe, mentioned that the EU's Markets in Crypto-Assets Regulation (MiCA) is encouraging local banks to actively pursue initiatives similar to BBVA's.
She pointed out, "BBVA has always been one of the most innovative banks in the region." It was previously reported that BBVA's advisors had suggested high-net-worth clients allocate 3% to 7% of their investment portfolios to cryptocurrencies.
This is not the first collaboration between the two parties. By the end of 2023, BBVA's Swiss branch had migrated its cryptocurrency custody infrastructure to Ripple's services, and Turkey's Garanti BBVA bank also adopted Ripple's services in 2024.
With the implementation of MiCA, more traditional banks are beginning to enter the cryptocurrency space. Lukas Enzersdorfer-Konrad, deputy CEO of the EU cryptocurrency exchange Bitpanda, stated in April 2024 to Cointelegraph that some of the largest banks in the EU are seeking to enter the crypto industry influenced by MiCA.
Following reports in early July that Deutsche Bank, Germany's largest bank, plans to allow clients to store cryptocurrencies like Bitcoin (BTC) next year, BBVA's move comes shortly after.
Deutsche Börse's trading division Clearstream is also preparing to launch cryptocurrency custody and settlement services for institutional clients. Earlier this year, Boerse Stuttgart Digital Custody became the first crypto asset service provider in Germany to obtain a full MiCA license.
Standard Chartered, one of the world's major banks, also began launching cryptocurrency services in Europe after obtaining a digital asset license in Luxembourg in early January.
Related: The U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “BBVA Partners with Ripple to Provide Institutional-Grade Bitcoin (BTC) and Ethereum (ETH) Custody Services in Europe”
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