Ripple and BBVA Join Forces to Enhance Digital Asset Custody in Spain
By: Eliza Bennet
Ripple, a prominent US-based blockchain firm known for its XRP cryptocurrency, has expanded its presence in Europe by partnering with the Spanish banking powerhouse, Banco Bilbao Vizcaya Argentaria (BBVA). This strategic collaboration aims to launch a comprehensive digital asset custody service in Spain, marking another significant milestone in Ripple's journey in the European market.
Announced on September 9, this partnership allows Ripple to leverage its institutional custody platform to enable BBVA to securely manage and store cryptocurrencies and tokenized assets. The move aligns with BBVA's broader strategy to meet the burgeoning demand from its customers, who are increasingly seeking direct access to digital currencies such as Bitcoin and Ethereum without relying on intermediaries. With Ripple’s advanced technology, BBVA can now offer a seamless end-to-end crypto service while adhering to stringent regulatory and security standards.
This initiative comes on the heels of BBVA's recent expansion of its retail services to include Bitcoin and Ethereum trading and custody directly through their mobile application. The development underscores the bank's commitment to embracing the digital asset revolution while maintaining compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations. These regulations empower customers to initiate transactions autonomously through BBVA's app, ensuring a user-friendly experience that also prioritizes security and compliance.
Cassie Craddock, Ripple’s European Managing Director, highlighted the catalytic effect of MiCA on the traditional banking sector's inclination to integrate digital services. Francisco Maroto, BBVA's head of digital assets, praised Ripple's custody solutions for their reliability and security, which are essential in cultivating trust among customers. This partnership also builds on previous collaborations between Ripple and BBVA in Turkey and Switzerland, further cementing their relationship in the global financial landscape.
