Ripple, a leader in providing digital asset services for financial institutions, has collaborated with Spanish bank, BBVA to offer crypto services to residents. The digital asset firm confirmed the development in a blog post on Tuesday. It’s worth noting that this move follows BBVA’s recent announcement of its new crypto-asset trading and custody service for Bitcoin and Ether.
According to the post, the Spanish bank is set to implement Ripple Custody, and its institutional-grade digital asset self-custody technology to provide a reliable and scalable custody service for tokenized assets, such as crypto-assets. Notably, this innovative custody technology offered by Ripple makes it easier for institutions like BBVA to confidently respond to customer demand for access to crypto and other digital assets. Similarly, it also ensures that they adhere to essential security, operational, and regulatory standards.
With its simple, secure, and digital asset infrastructure, Ripple is well-positioned to offer financial institutions, the services needed to store, exchange, and move digital assets. This new agreement marks another step forward in the long-standing collaboration between Ripple and BBVA. Ripple currently offers custody technology to Garanti BBVA in Turkey and BBVA Switzerland.
Ripple Managing Director shares more insight on the agreement
Cassie Craddock, Europe Managing Director for Ripple, has expressed enthusiasm about the partnership with BBVA. Craddock described the bank as one of the most innovative in the region, which aligns well with Ripple’s commitment to providing the most secure and compliant digital asset technology available. The managing director also added that with the implementation of the MiCA framework in Europe, banks in the region can now offer a variety of digital asset solutions that meet the evolving demands of their customers.
Francisco Maroto, head of digital assets at BBVA has also reacted to the development. According to Maroto, BBVA’s digital asset launch in Spain builds on the bank’s existing initiatives in Switzerland and Turkey. He emphasized that Ripple’s custody solution enables the bank to utilize reliable and advanced technology, which adheres to the highest security and operational standards, allowing BBVA to directly provide an end-to-end custody service to its customers. Additionally, the executive also highlighted that this partnership reflects BBVA’s dedication to supporting customers in the digital asset space, leveraging the bank’s stability and security to empower their exploration.
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