In 2021, BBVA in Switzerland was a pioneer among large Eurozone banks when it introduced a bitcoin trading and custody service.
This was later expanded to “include ether, thus allowing interested investors the possibility of trading directly with the two most important crypto-assets on the market.”
Now, the bank has migrated “the custody service to Metaco’s platform, Harmonize.”
It offers greater operational agility, maximum security and the ability to connect to other blockchains, apart from Bitcoin and Ethereum, which “will allow BBVA to continue to expand new services for institutional clients.”
In this environment, transaction validation “is more agile and crypto-assets are held in custody according to the highest security standards required by regulators.”
In the coming months, they will be “stored in a ‘cold wallet’, or a digital wallet that is not connected to the internet or any network, and is stored in a physical location with strong security measures.”
This will add “an extra layer of security by completely preventing third party access.”
Moreover, trading on Harmonize “opens the door to BBVA being able to offer new services in the future, such as trading of other crypto-assets in addition to bitcoin and ether, or the ‘tokenization’ of traditional assets, that is, representing them on the blockchain to streamline their management with greater traceability, security, and transparency.”
All of these capabilities will allow BBVA to “meet the needs of its private banking customers and institutional clients, such as fund managers and large companies, that need to explore new business opportunities and opportunities to exchange value in a digital environment, operating with agility, efficiency and according to the highest security requirements.”
Metaco is a Swiss technology company “specialized in infrastructure solutions for digital assets. It has become an institutional standard in blockchain services for financial institutions and corporations around the world.”
Its platform Harmonize is “one of the most popular platforms in the world to store cryptocurrencies, issue tokenized assets, manage smart contracts and connect organizations with the universe of decentralized finance.”
The platform is fully integrated “as a software as a service (SaaS) on Avaloq’s Crypto Assets platform and Core Banking system, which ensures compliance with the highest regulatory requirements in terms of security and privacy.”
Alfonso Gómez, CEO of BBVA in Switzerland, said:
“Our partnership with Metaco, which will fully integrate our existing infrastructure within Avaloq, allows us to stay ahead of the market, offering the most robust and compliant platform.”
Adrien Treccani, founder and CEO of Metaco, added:
that “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.”