The agreement sees BBVA adopt the Ripple Custody solution, which is designed to help financial institutions store, manage, and transact with tokenised assets, including crypto-assets.
BBVA previously became the first credit institution to secure registration as a crypto‑asset service provider under the EU’s Markets in Crypto-Assets (MiCA) regulation in July.
The bank leveraged this approval to introduce its crypto-asset trading and custody service, which enables users in Spain to buy, sell, and hold Bitcoin and Ethereum directly through its mobile app.
The launch in Spain complements BBVA’s existing digital asset operations across multiple markets, following the 2021 introduction of crypto trading and custody services through BBVA Switzerland, and the subsequent 2023 deployment of similar capabilities via Garanti BBVA in Türkiye. Both divisions currently utilise Ripple’s custody technology.
BBVA has maintained a partnership with Ripple since April 2017, when the bank first tested and implemented Ripple’s distributed ledger technology for real-time international money transfers between Spain and Mexico.
Source: https://www.fintechfutures.com/
