Spain 9-month bills bid-to-cover 1.76

Spain 9-month bills bid-to-cover 1.76

In a significant move to capitalize on the growing demand for cryptocurrency services, BBVA has announced a partnership with Ripple to deliver institutional-grade digital asset custody to its Spanish customers. This strategic collaboration comes amidst the evolving regulatory landscape in Europe, particularly the implementation of the Market in Crypto-Assets (MiCA) framework [1].

The partnership, which strengthens BBVA's existing relationship with Ripple, will enable BBVA to offer secure and compliant crypto custody services in Spain. This follows recent launches of retail crypto trading and custody for Bitcoin and Ether in the country. According to Ripple, its custody technology is designed to meet stringent compliance and operational requirements, allowing BBVA to serve retail customers without compromising security [1].

BBVA’s Head of Digital Assets, Francisco Maroto, emphasized the importance of integrating proven technology while maintaining control in-house. He noted that the partnership aligns with BBVA’s strategy to meet the increasing demand for crypto services. Ripple Custody, with over a decade of field use and more than 60 regulatory licenses worldwide, provides a robust solution for BBVA to expand its crypto offerings [1].

This announcement is part of a broader trend in Europe, where banks are responding to the MiCA regulations. With clear rules in place, financial institutions are now rolling out crypto services that were previously seen as too complex or risky. Spain's banking sector is stepping deeper into the crypto market, following similar moves by BBVA in Switzerland and Turkey, where the bank already uses Ripple's technology [1].

The partnership underscores the growing demand for secure crypto services delivered by trusted institutions. Ripple's global standing and regulatory compliance make it a preferred choice for banks looking to integrate digital assets into their operations. As Spain continues to embrace cryptocurrencies, this collaboration will likely stimulate further growth and innovation in the country's financial sector.

References:
[1] https://blockonomi.com/ripple-strikes-bbva-deal-to-deliver-crypto-custody-in-spain/