Ripple Partners with BBVA to Launch Custody Services in Spain

Ripple Labs Inc. is expanding its operations in Spain through a partnership with Banco Bilbao Vizcaya Argentaria (BBVA). This collaboration aims to meet the increasing demand for cryptocurrencies and crypto-based assets.

Ripple will provide digital asset custody services to BBVA, enhancing their existing cryptocurrency trading offerings.
BBVA recently launched Bitcoin BTC and Ethereum ETH trading and custody services for retail customers following regulatory approval from Spain’s National Securities Market Commission (CNMV).
This partnership eliminates the need for BBVA customers to use third-party platforms for crypto transactions.
Ripple's custody technology ensures secure management of tokenized assets within BBVA's digital banking system.
The shift signals traditional banks' increasing acceptance of cryptocurrencies, influenced by the EU's Market in Crypto Assets (MiCA) regulation.
Ripple's Custody service complies with strict security and regulatory standards, similar to other partnerships established, including one with South Korean provider BDACS.

Binance has also partnered with BBVA to explore crypto custody solutions, responding to the need for increased confidence in centralized services post-FTX collapse.