– 21 November 2023 —
BBVA Switzerland has expanded its partnership with Metaco, as the bank seeks to accelerate its digital asset offerings to institutional clients.
The original article appeared on the BBVA Switzerland website, at the following link [opens a new webpage].
BBVA in Switzerland was the first tier-1 bank in the Eurozone to provide custody and trading services for cryptocurrencies to individual clients, under a combined portfolio across traditional and digital assets. This service, created in partnership with Metaco in 2021, was awarded the Celent Model Wealth Manager 2022 accolade.
As part of the extended relationship, BBVA Switzerland successfully migrated its digital assets operations to the latest version of Metaco’s institutional-grade digital asset custody and orchestration platform, Harmonize™, consumed in a software as a service (SaaS) model and fully integrated into Avaloq’s core banking system. This infrastructure will allow BBVA to further develop its digital asset and private key custody capabilities, and it will allow the bank to support future business use cases in the realm of digital assets. One of this use cases is the expansion into institutional digital asset services, which requires technology infrastructure that offers the maximum possible security and flexibility.
This follows Metaco’s partnership with HSBC, who announced last week that it plans to launch a new digital assets custody service for institutional clients built on Metaco Harmonize, and DZ Bank’s go-live in early November of its institutional digital asset custody offering in Germany, underpinned by Metaco Harmonize. In other recent positive developments, Societe Generale FORGE, a client of Metaco, became the first and only bank in France to receive a full DASP licence (Digital Asset Service Provider), while in the Philippines, UnionBank of the Philippines became the first and only bank in the country to receive a VASP licence (Virtual Asset Service Provider). All of this points to the growing momentum for Metaco, as it continues its ability to both win new mandates from the the biggest banks in the world, as well as to work closely with them to bring commercial offerings to market, leveraging technology underpinned by the highest standards of security and reliability of compliance, internal control and cybersecurity processes and systems.
🗨️ Alfonso Gomez, CEO of BBVA in Switzerland highlights:
“our partnership with Metaco, which will fully integrate our existing infrastructure within Avaloq, allows us to stay ahead of the market, offering the most secure and compliant infrastructure”.
This collaboration will provide more speed, efficiency and the highest standard of governance as the Bank accelerates digital assets offerings for its institutional clients.
For more information, please refer to the media article on BBVA Switzerland’s website.