BBVA Switzerland has signed a partnership agreement with blockchain company Metaco to host its digital asset custody service on the Harmonize platform.
The bank moved the custody service to Metaco’s platform, Harmonize. It offers greater operational flexibility, maximum security and the ability to connect to other blockchains besides bitcoin and ethereum, which will allow BBVA to continue expanding new services for institutional clients.
Transaction validation is more flexible and cryptocurrencies are held 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.
In addition, trading on Harmonize opens the door to BBVA being able to offer new services in the future, such as the trading of cryptocurrencies other than bitcoin and ether, or the “tokenization” of traditional assets, i.e. their representation on the blockchain. to streamline their management with greater traceability, security and transparency.
All these capabilities will enable BBVA to meet the needs of private banking and institutional clients, such as fund managers and large corporations, who need to explore new business opportunities and opportunities to exchange value in a digital environment, operating with flexibility and efficiency. and according to the highest safety requirements.
Metaco is a Swiss technology company specializing in infrastructure solutions for digital assets. It has become an institutional standard in blockchain services for financial institutions and companies around the world.
Harmonize’s platform is one of the world’s most popular platforms for storing cryptocurrencies, issuing assets, managing smart contracts and connecting organizations to the universe of decentralized finance. The platform is fully integrated as Software as a Service (SaaS) into 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 into Avaloq, allows us to be ahead of the market by offering the most robust and compatible platform,” said Alfonso Gómez, CEO of BBVA in Switzerland.
Adrien Treccani, founder and CEO of Metaco, added:
“Metaco and BBVA Switzerland have had a long history of collaboration and we are proud to take our partnership to new heights, enabling award-winning commercial digital asset offerings that suit the unique requirements of individuals and institutions.”