BBVA in Switzerland has successfully migrated its digital assets operations to Metaco’s plaform Harmonize. Harmonize is an institutional-grade digital asset custody and orchestration platform. It is fully integrated into Avaloq’s Crypto Assets platform and Core Banking system. This infrastructure will allow BBVA to further develop its digital asset and private key custody capabilities. 

This new development will have a positive impact on security policies and greater flexibility in operations with digital assets. BBVA in Switzerland has become a key player in the institutional network in the blockchain ecosystem.

In 2021, the Bank became the first tier 1 Bank in the Eurozone to provide custody and trading services for cryptocurrencies, under a combined portfolio across traditional and digital assets. Since that time, the Bank has been working on improving its blockchain services and its commitment to providing financial education in this area to its clients. 

Metaco looks to provide more speed, efficiency and a high standard of governance

Avaloq and Metaco work in close collaboration to deploy and develop the bank’s digital assets offering in a software as a service (SaaS) model. This latest upgrade will also support future business use cases for BBVA in the realm of digital assets.

Alfonso Gómez, CEO of BBVA in Switzerland, spoke positively of the news. He said: “Our partnership with Metaco will fully integrate our existing infrastructure within Avaloq. it allows us to stay ahead of the market, offering the most secure and compliant infrastructure”. The collaboration will provide more speed, efficiency and a high standard of governance as the Bank accelerates digital assets offerings for its institutional clients.

Adrien Treccani, Founder and Chief Executive Officer at Metaco, commented: “Metaco and BBVA Switzerland have had a longstanding history of partnership. We are proud to bring our partnership to new heights.” With this deployment, the Bank expands its partnership with its technological partners Metaco and Avaloq, as both of them deepen their collaboration on digital asset custody capabilities.

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By GlobalData