Ripple has expanded its European footprint by joining forces with Spanish bank giant BBVA to introduce a digital guardianship service.
Announced On September 9, the initiative will expand the Institutional Guardianship Platform from Ripple to Spain, giving BBVA the tools to safely store and manage cryptocurrencies and Tokenized assets.
BBVA can use its digital assets offering scales by using Ripple’s guardianship technology while staying in strict regulatory and security standards. The service positions the bank to meet the rising demand from customers who want direct access to crypto without trusting external intermediaries.
This step comes when BBVA retail services roll out for Bitcoin and Ethereum Trading and Custody in Spain. The bank customers can now buy, sell and keep the two top cryptocurrencies directly through its mobile application.
BBVA said it has announced the new retail offer to the Spain’s National Securities Market Commission (CNMV).
The bank emphasized that all services were designed to comply with the new markets of the EU in the law of crypto-assets (MICA), which means that customers themselves initiate transactions via the app.
Mica Comilition
The European director of Ripple, Cassie Craddock, said these developments reflect the market impact of Mica among traditional European banks. With Mica now in place, she explained, banks in the block have more faith in launching digital assets services that customers have asked.
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BBVA managers repeated this sentiment, while adding that the partnership enables the bank to expand its end-to-end crypto services
Francisco Maroto, which leads the digital assets unit of BBVA, noted that the Ripple Guardian System offers operational reliability and security that is necessary to build customer confidence.
He added:
“Through this agreement we can give our goal to support our customers to explore digital assets, supported by the strength and security of a bank such as BBVA.”
This collaboration follows previous projects between Ripple and BBVA in Turkey and Switzerland.
BBVA’s Switzerland in particular had previously collaborated with Ripple ownership Metaco to build its digital asset activities in 2023.
