Ripple, a digital asset infrastructure leader, has announced a new partnership with Spanish banking giant BBVA to provide safe crypto custody solutions.
As part of this agreement, BBVA will employ Ripple’s custody solution to safely hold and administer digital assets such as Bitcoin and Ethereum for customers in Spain. This means BBVA can now provide its retail customers in Spain with safe ways to store and trade bitcoin (BTC) and ether (ETH).
BBVA recently launched trading and custody services for Bitcoin and Ether for retail customers. Through the technology of Ripple, the bank will be able to hold these digital assets securely, adhering to stringent safety and regulatory requirements.
This partnership follows the earlier collaboration of Ripple with BBVA in Switzerland and Turkey. Last year, Garanti BBVA Digital Assets launched “Garanti BBVA Crypto,” a crypto wallet and trading platform in its mobile app. It has partnered with Ripple and IBM to enhance the security and performance of its trading platform
This move also comes as banks in Europe are increasingly offering crypto services following the EU’s new Markets in Crypto-Assets (MiCA) regulations. Cassie Craddock, Ripple’s Managing Director for Europe, said the partnership helps BBVA provide safe and compliant digital asset services to its clients.
Ripple provides the infrastructure needed by banks to store, exchange, and manage digital assets. Ripple has over 60 regulatory licenses worldwide and has been in business for over a decade. Now it is assisting banks such as BBVA in entering the digital asset market with confidence.
The agreement shows a shift in traditional banking. Instead of outsourcing crypto services, banks are now using trusted technology partners like Ripple to offer these services directly to their customers.