BBVA partnered with Metaco for the custody of virtual assets for large companies and fund managers, and will operate in a few months. BBVA will custody the digital assets on Metaco’s Harmonize platform. Previously, Metaco has partnered with: HSBC, Citigroup, the German bank DZ, DekaBank, Union Bank, among others, for the same purposes.
BBVA Switzerland announced its alliance with institutional digital asset custody platform, Metaco, to host cryptocurrency custody services in Europe. It is the second platform to do so, after HSBC made the same alliance for custody of digital assets.
BBVA will custody the digital assets on Metaco’s Harmonize platform. The bank, one of the largest in Europe, promises the highest security standards for digital asset transactions for institutional clients.
BBVA and Metaco Go after Institutional Clients Interested in Cryptocurrencies
The bank explained that, in the coming months, digital assets will be kept in a cold wallet without Internet, in a physical location and with high security measures. He promised that no one except clients will have access to these institutional accounts.
BBVA has been one of the pioneer banks in showing its enthusiasm for cryptocurrencies. Proof of this were the statements of the CEO of BBVA Switzerland, Alfonso Gómez, who maintained that, with the approval of MiCA, European banks have opportunities to position themselves in the cryptocurrency market.
On this occasion, BBVA clarified that Metaco’s Harmonize will allow them to offer other cryptocurrencies, apart from Bitcoin (BTC) and Ethereum (ETH), as tokenization of traditional assets, among others. With this, the bank aims to meet the needs of large clients such as fund managers and large companies.
In this regard, Alfonso Gómez, CEO of BBVA Switzerland, stated the following:
“Our partnership with Metaco, which fully integrates with our existing Avaloq infrastructure, allows us to stay ahead of the market by offering the most robust, regulatory-compliant platform.”
BBVA’s enthusiasm for cryptocurrencies is such that it highlighted months ago that FinTech will reach a value of $324 billion by 2026, due to the new generation of digital companies that offer solutions to financial payments.
BBVA Switzerland Has been Offering Bitcoin and Ethereum for Two Years
BBVA Switzerland has been allowing its clients to manage Bitcoin (BTC) and Ethereum (ETH) in the same bank app for two years. For the CEO of the bank in Switzerland, banks provide solidity and security to cryptoasset services.
The bank believes that FinTech will offer solutions in loans, mortgages, wealth management and cryptocurrencies. On this occasion, Alfonso Gómez. CEO of BBVA Switzerland, pointed out that after the FTX bankruptcy scandal, banks have “a lot to say.”
Metaco’s Alliances with Companies to Manage Cryptocurrencies
Recently, Metaco allied with HSBC and noted that the tokenization of assets is gaining ground in the financial ecosystem, by reducing costs for regulated financial institutions. In recent months, the Swiss company has partnered with: Citigroup, the German bank DZ, DekaBank, Union Bank, among others.
Adrien Treccani, founder and CEO of Metaco, had the following to say about his alliance with BBVA:
“Metaco and BBVA Switzerland have a long history of collaboration and we will expand our alliance to new heights, enabling recognized digital asset trading offerings that fit the unique needs of individuals and institutions.”
Previously, BBVA stated that 64% of buyers of non-fungible tokens (NFT) do so to obtain a return. That is, as an investment, while 12% of buyers do it to collect and are not interested in selling them.
By Leonardo Perez
