Ripple is making significant strides in Europe by solidifying its banking partnerships, marked by a recent agreement with BBVA, a prominent Spanish bank. This collaboration will see BBVA incorporate Ripple’s advanced digital asset custody technology into its newly established retail service dedicated to trading and holding cryptocurrencies, specifically Bitcoin and Ether.
This development arrives as European banks adapt to the newly enacted Market in Crypto Assets (MiCA) regulation, which aims to create a comprehensive framework for the provision of digital asset services throughout the European Union. Cassie Craddock, Ripple’s managing director for Europe, noted the opportunities that MiCA presents, stating, “Now that MiCA is established, the region’s banks are emboldened to launch the digital asset offerings that their customers are asking for.”
The foundation of Ripple Custody lies in the company’s strategic acquisition of the Swiss crypto custody firm Metaco, which had previously established a relationship with BBVA. Francisco Maroto, the head of digital assets at BBVA, emphasized that this integration empowers the bank to offer a complete, end-to-end custody service that aligns with the security standards expected from a reputable financial institution.
This latest partnership not only builds upon Ripple’s existing collaboration with BBVA in Switzerland and Turkey but also signifies a broader shift in the banking sector’s approach to cryptocurrency. Traditional banks are increasingly moving away from reliance on third-party providers and are instead focused on developing in-house services, leveraging established infrastructure from providers like Ripple.
For Ripple, the expansion into Spain represents an important milestone in its strategy to strengthen its presence in Europe’s regulated digital asset landscape. With over 60 regulatory licenses worldwide, Ripple is poised to play a significant role in the evolution of digital asset services within the region. The alliance with BBVA underscores a growing willingness among major financial institutions to embrace and integrate cryptocurrency solutions within their offerings.
