BBVA partners with Metaco to strengthen its cryptoasset services in Switzerland
BBVA Switzerland has signed an agreement to collaborate with blockchain company Metaco to host its digital asset custody service on the Harmonize platform.
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.
Transaction validation is more agile and cryptoassets 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 cryptoassets 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.
“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,” said Alfonso Gómez, CEO of BBVA in Switzerland.
Adrien Treccani, founder and CEO of Metaco, added:
“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.”