2024

April

Standard

Ripple, the US blockchain firm behind the XRP cryptocurrency, will provide crypto custody services to Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA).
According to a Tuesday <a href="https://ripple.com/ripple-press/ripple-expands-footprint-into-spain-through-new-agreement-with-bbva/" rel="noopener noreferrer nofollow" target="_blank">announcement</a>, Ripple’s agreement to provide crypto custody services to BBVA <a href="https://cointelegraph.com/explained/bbva-expands-crypto-access-in-spain-heres-what-changed" rel="noopener noreferrer nofollow" target="_self">follows the bank’s recent announcement</a> of its Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) and Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>) retail trading and custody service. BBVA will rely on Ripple’s institutional custody service to power services to its customers.
BBVA’s head of digital assets, Francisco Maroto, said that Ripple’s custody service allows it to meet the necessary standards to “directly provide an end-to-end custody service.”
Ripple’s managing director for the European region, Cassie Craddock, said the <a href="https://cointelegraph.com/learn/articles/markets-in-crypto-assets-regulation-mica" rel="noopener noreferrer nofollow" target="_self">European Union’s Markets in Crypto-Assets Regulation (MiCA)</a> has encouraged local banks to move forward with initiatives such as BBVA’s.
“BBVA has long been one of the region’s most innovative banks,” she said, with her comments following recent reports that its advisers had told wealthy clients to <a href="https://cointelegraph.com/news/major-spanish-bank-bbva-tells-clients-to-buy-bitcoin" rel="noopener noreferrer nofollow" target="_self">invest between 3% and 7% of their portfolios in crypto</a>.
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 Banco Bilbao Vizcaya Argentaria headquarters in Bilbao, Spain. Source: <a href="https://commons.wikimedia.org/wiki/Category:Banco_Bilbao_Vizcaya_Argentaria#/media/File:Bilbao_-_BBVA_(ex_Banco_de_Comercio)_2.jpg" rel="noopener noreferrer nofollow" target="_blank">Wikimedia</a>
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This is not the first collaboration between the firms. BBVA <a href="https://cointelegraph.com/learn/articles/an-overview-of-the-cryptocurrency-regulations-in-switzerland" rel="noopener noreferrer nofollow" target="_self">Switzerland</a> decided to <a href="https://cointelegraph.com/news/bbva-migrates-crypto-custody-service-ripple-owned-metaco-s-harmonize" rel="noopener noreferrer nofollow" target="_self">move its crypto custody infrastructure to Ripple’s service</a> back at the end of 2023, and <a href="https://cointelegraph.com/learn/articles/cryptocurrency-laws-and-regulations-in-turkey" rel="noopener noreferrer nofollow" target="_self">Turkey</a>-based Garanti BBVA <a href="https://www.bbva.com/en/tr/innovation/garanti-bbva-is-collaborating-with-ripple-and-ibm-to-enhance-its-growing-digital-platform/" rel="noopener noreferrer nofollow" target="_blank">adopted</a> Ripple’s service in 2024.
Related: <a href="https://cointelegraph.com/news/digital-euro-ecb-lawmakers-privacy-risks" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/digital-euro-ecb-lawmakers-privacy-risks">EU lawmakers skeptical of digital euro as ECB renews pitch</a>
<h2 id="mica-driving-adoption-among-european-banks">MiCA driving adoption among European banks</h2>
The rollout of MiCA has prompted a wave of traditional banks to enter the crypto sector. Lukas Enzersdorfer-Konrad, the deputy CEO of EU-based crypto exchange Bitpanda, told Cointelegraph in April 2024 that some of the <a href="https://cointelegraph.com/news/european-banks-entering-crypto-bitpanda" rel="noopener noreferrer nofollow" target="_self">European Union’s largest banks are looking to enter the crypto industry</a> as a result of MiCA.
The prediction proved to be right on the money. BBVA’s moves follow early July reports that Germany’s biggest bank, <a href="https://cointelegraph.com/news/deutsche-bank-crypto-custody-accounts-2026" rel="noopener noreferrer nofollow" target="_self">Deutsche Bank, plans to allow its clients to store cryptocurrencies like Bitcoin</a> next year.
Related: <a href="https://cointelegraph.com/news/coincheck-parent-acquires-french-regulated-crypto-firm-for-europe-expansion" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/coincheck-parent-acquires-french-regulated-crypto-firm-for-europe-expansion">Coincheck acquires French crypto company for European expansion</a>
Deutsche Börse’s trading unit, Clearstream, is also <a href="https://cointelegraph.com/news/deutsche-boerse-to-launch-btc-eth-services-to-institutions-report" rel="noopener noreferrer nofollow" target="_self">preparing to launch cryptocurrency custody and settlement</a> services for institutional clients this year. Earlier this year, Boerse Stuttgart Digital Custody became Germany’s first crypto asset service provider to <a href="https://cointelegraph.com/news/boerse-stuttgart-digital-first-mica-license-germany" rel="noopener noreferrer nofollow" target="_self">receive a full license under</a><a href="https://cointelegraph.com/news/boerse-stuttgart-digital-first-mica-license-germany" rel="noopener noreferrer nofollow" target="_self"> </a><a href="https://cointelegraph.com/news/boerse-stuttgart-digital-first-mica-license-germany" rel="noopener noreferrer nofollow" target="_self">MiCA</a>.
Standard Chartered, one of the world’s largest banks, also <a href="https://cointelegraph.com/news/standard-chartered-crypto-custody-luxembourg-license" rel="noopener noreferrer nofollow" target="_self">launched its cryptocurrency services in Europe</a> after obtaining a digital asset license in Luxembourg in early January.
Magazine: <a href="https://cointelegraph.com/magazine/the-one-thing-these-6-global-crypto-hubs-all-have-in-common/" rel="noopener noreferrer nofollow" target="_self">The one thing these six global crypto hubs all have in common…</a>

BBVA taps Ripple for institutional Bitcoin, Ether custody in Europe

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