Ripple has entered into a strategic partnership with BBVA in Spain, aiming to strengthen its presence in the European digital asset market. This collaboration, which involves technology firm IBM, is set to incorporate Ripple’s digital asset custody technology into BBVA’s newly launched retail platform, enabling customers to buy, sell, and hold popular cryptocurrencies like Bitcoin and Ether.
This agreement follows a successful pilot project carried out in 2023, which has prompted BBVA to scale up its operations through its Turkish subsidiary, Garanti BBVA Kripto. This subsidiary is already facilitating a regulated trading platform for digital assets, catering to over 14,000 users. The assets available on this platform include a diverse range of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Avalanche (AVAX), Chiliz (CHZ), XRP, Arbitrum (ARB), and Solana (SOL). While Ripple provides the custody services, IBM is responsible for delivering the secure infrastructure necessary to support these operations.
Korcan Abalı, the CEO of Garanti BBVA Kripto, emphasized that the expansion is driven by an increasing demand for digital assets among customers. He stated, “There has been a sharp increase in demand for digital assets among our customers. We launched Garanti BBVA Digital Assets in 2023 to meet this demand, and today we continue to see more customers transferring and storing crypto assets every day. Our collaboration with Ripple and IBM gives us the confidence of having secure custody, robust governance, and compliant processes.”
IBM’s Türkiye General Manager, Işıl Kılınç Gürtuna, highlighted the company’s commitment to providing advanced infrastructure solutions for the custody services involved in this partnership.
The introduction of the EU’s Market in Crypto Assets (MiCA) regulation has been noted as a significant factor in this expansion. Cassie Craddock, Ripple’s Executive and Managing Director for Europe, remarked that with MiCA now established, banks in the region feel more empowered to roll out the digital asset services that their customers are increasingly requesting.
Ripple’s custody services have been developed in part through its acquisition of the Swiss crypto custody company Metaco, which had previously established a relationship with BBVA. This acquisition has equipped Ripple with the technological capabilities to cater to large financial institutions looking to adhere to MiCA’s stringent compliance requirements. Aaron Sears, Senior Vice President of Global Customer and Partner Success at Ripple, commented, “Secure custody is foundational to unlocking value and addressing the growing demand for new asset classes across the digital economy.”
In a separate development, London-based VivoPower International announced that its electric vehicle subsidiary, Tembo e-LV, will now be accepting payments in Ripple’s stablecoin, RLUSD. Founded in 2014, VivoPower operates across multiple regions, including the UK, Australia, North America, Europe, the Middle East, and Southeast Asia. The company is shifting its business model towards becoming an XRP-focused digital asset enterprise, with plans to acquire, manage, and hold XRP as part of its treasury, along with equity investments in Ripple Labs.
Amidst these developments, Ripple’s token, XRP, is currently trading at approximately $3, having maintained a stable range that has not exceeded $3.1 in the last week. After experiencing a rally in July, XRP has faced challenges in breaking through a resistance range between $3.4 and $3.5.
