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In a major Ripple news on Tuesday, Spain’s leading bank BBVA expanded its partnership with Ripple Custody. Ripple to provide its institutional-grade digital asset custody solution to secure Bitcoin (BTC), Ether (ETH), and tokenized assets for retail investors.
Ripple and BBVA Expand Existing Partnership
Crypto giant Ripple has signed an agreement to provide digital asset custody service to $106 billion Spanish banking giant BBVA, according to an announcement on September 9.
The move comes in response to crypto trading and custody services launched by BBVA in July. The bank enabled app-only BTC and ETH trading for retail investors, following the successful rollout of Bitcoin and Ether trading for institutional clients earlier.
BBVA plans to use Ripple’s institutional-grade digital asset custody solution to provide a scalable and secure custody service for crypto and tokenized assets in Spain.
“Now that the EU’s Markets in Crypto-Assets regulation (MiCA) is established across Europe, the region’s banks are emboldened to launch the digital asset offerings that their customers are asking for,” said Cassie Craddock, managing director of Europe at Ripple.
Ripple already custodies crypto assets, including Bitcoin, Ether, USDC, Solana, XRP, AVAX, and Chiliz for Turkey-based Granti BBVA and BBVA Switzerland.
Ripple News: Boosting Crypto Adoption and Bridging TradFi Gap
Crypto infrastructure company Ripple continues to help boost crypto adoption and bridge the gap between crypto and traditional finance with its services, including crypto custody. Notably, the crypto giant acquired Metaco and Standard Custody & Trust Company earlier to provide custody services for institutions.
With tokenization demand rising, it has partnered with banks such as HSBC, DBS, and Societe Generale, boosting its position in the industry. As per the crypto giant, 10% of global assets are expected to get tokenized by 2030. Ripple Custody ensures safekeeping of private keys, stablecoin issuance, and on-chain governance and compliance.
At the time of writing, Bitcoin (BTC) price is trading 1% higher near $113K. Meanwhile, Ether (ETH) price climbs above $4350, up 1.50% in the past 24 hours.
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Varinder Singh
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