Traditional financial institutions are increasingly integrating digital assets into their core operations, a strategic shift driven by evolving regulatory clarity. A prime example of this trend is the expanded partnership between Ripple and Spanish banking giant BBVA, which embeds Ripple’s digital asset custody technology into BBVA’s services in Spain.
This move is largely driven by Europe’s comprehensive Market in Crypto Assets (MiCA) regulation, which provides a standardized framework for digital asset services across the EU. Cassie Craddock, Ripple’s Managing Director for Europe, noted that with MiCA established, ‘the region’s banks are emboldened to launch the digital asset offerings that their customers are asking for.’
Specifically, BBVA will utilize Ripple Custody, developed from Ripple’s acquisition of Swiss crypto specialist Metaco (a prior BBVA client), to support its recently launched retail service for trading and holding Bitcoin and Ether. This enables BBVA to offer direct, end-to-end custody. Francisco Maroto, BBVA’s Head of Digital Assets, stated that this integration allows the bank to ‘directly provide an end-to-end custody service’ with the institutional security clients expect.
The partnership extends Ripple’s existing work with BBVA in Switzerland and Turkey, establishing Spain as another key foothold in Europe’s regulated digital asset market. Ripple currently holds over 60 global regulatory licenses, underscoring its commitment to compliant infrastructure solutions.
This deal exemplifies a growing industry trend: traditional banks are building in-house digital asset services using established infrastructure providers, rather than solely relying on third-party solutions. This internalization of critical functions signals a maturation in how major financial institutions approach the burgeoning crypto asset class.
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