TechFlow news: BBVA Switzerland, the Swiss branch of one of Spain's largest banks, has announced it will use Metaco, a technology company under Ripple, to conduct crypto custody services with institutional investors via its Harmonize platform.
It stated that in this environment, transaction validation is more agile, and cryptographic assets are held to the highest security standards required by regulators. Transactions on Harmonize open the door for BBVA to offer new services in the future, such as trading other cryptocurrencies beyond Bitcoin and Ether, or the 'tokenization' of traditional assets.
Notably, Metaco launched the digital asset application orchestration layer Harmonize in 2021. Recently, another bank, HSBC, partnered with Metaco to integrate Harmonize into HSBC’s new digital asset custody service. Metaco's partners among major traditional financial institutions include DZ Bank in Germany, Societe Generale in France, and UnionBank. In May 2023, Metaco was acquired by Ripple for $250 million.
