Ripple Expands Services in Spain with BBVA Partnership

Ripple, the U.S.-based blockchain company known for the XRP cryptocurrency, is set to provide cryptographic supervision services to the Spanish banking giant, Banco Bilbao Vizcaya Argentaria (BBVA).

In a recent announcement, Ripple disclosed its agreement to offer cryptographic protection services to BBVA, which aligns with the bank’s recent efforts to introduce Bitcoin (BTC) and Ether (ETH) retail transactions, along with custody services. BBVA is leaning on Ripple’s institutional management services to enhance its offerings for customers.

Francisco Maroto, BBVA’s director of digital assets, mentioned that Ripple’s management capabilities can fulfill the necessary criteria to “provide end-to-end custody services directly.”

Cassie Craddock, managing director for Ripple in Europe, noted that the European Union’s new Crypto-Assets Regulation (MICA) is fostering initiatives like BBVA’s. She remarked, “BBVA has long been one of the most innovative banks in the region.” In light of a recent advisory, she suggested that affluent clients should allocate between 3% and 7% of their investment portfolios to crypto.

This isn’t the first time the two companies have collaborated. BBVA Switzerland has also decided to transition its crypto custody infrastructure to Ripple’s services by the end of 2023, with plans for further recruitment of Ripple’s services in 2024.

Adoption of MICA by European Banks

With the implementation of MICA, many traditional banks are venturing into the crypto landscape. Lukas Enzersdorfer-Konrad, the deputy CEO of Bitpanda, shared insights in April 2024, indicating that several major EU banks are exploring opportunities in the crypto sector due to MICA.

This trend is becoming evident. In early July, reports emerged that Deutsche Bank, Germany’s largest bank, would begin offering cryptocurrency storage services, including Bitcoin, next year.

Similarly, Clearstream, a trading division of Deutsche Börse, plans to launch cryptocurrency custody and settlement services for institutional clients this year. Earlier in 2023, Boerse Stuttgart Digital Custody emerged as Germany’s first Crypto Asset service provider. Furthermore, Standard Chartered, a leading international bank, began offering cryptocurrency services in Europe following the acquisition of a digital asset license in Luxembourg earlier this January.