Ripple to provide crypto custody services to BBVA

Blockchain company Ripple has agreed to provide custody services to digital bank BBVA to assist with the company’s digital asset trading arm, as per an official press release.

The update follows the Spanish bank’s months-long expansion into cryptocurrency aimed at retail customers interested in buying and selling digital assets. Ripple already provides custody services to Garanti BBVA in Turkey and BBVA Switzerland.

“Now that the EU’s Market’s 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 Ripple’s Managing Director for Europe. 

“BBVA has long been one of the region’s most innovative banks and we’re proud to support its ambitions with the most secure and compliant digital asset technology on the market.” he also said. 

In March, BBVA received the green light from the Spanish Securities and Exchange Commission to provide custody and execution trading services in Spain, and in July, the company rolled out trading services for Bitcoin and Ether on its mobile app, as per multiple press releases from the digital bank. 

BBVA has advised its more wealthy clientele to invest in cryptocurrency, according to Reuters. 

“BBVA has long demonstrated strong leadership in digitization and innovation and the launch of our digital assets offering in Spain follows earlier offerings in Switzerland and Turkey,” said BBVA’s head of digital assets, Francisco Maroto. 

Source: Google Finance

At the time of writing, BBVA shares were priced at 15.66 euros, down by 0.73%.