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BBVA partners with Ripple’s Metaco to expand its crypto services in Switzerland

BBVA in Switzerland will migrate its crypto custody service to Metaco’s Harmonize platform. It also plans to expand its crypto trading services beyond Bitcoin and Ethereum. Ripple acquired Swiss-based Metaco in May 2023. BBVA in Switzerland, the Swiss arm of the Spanish banking giant BBVA, announced on Thursday that it had struck a partnership with…

BBVA in Switzerland will migrate its crypto custody service to Metaco’s Harmonize platform.
It also plans to expand its crypto trading services beyond Bitcoin and Ethereum.
Ripple acquired Swiss-based Metaco in May 2023.

BBVA in Switzerland, the Swiss arm of the Spanish banking giant BBVA, announced on Thursday that it had struck a partnership with blockchain platform Metaco.

The collaboration will see BBVA use Metaco’s Harmonize platform to host its crypto custody service. This comes as the bank embarks on a new chapter in its crypto strategy and will help it expand its footprint amid growing demand from institutional clients.

BBVA to expand trading beyond BTC. ETH

Metaco, a Swiss-based digital assets custody platform founded in 2015, launched its Harmonize platform in 2021. Ripple, one of the leading crypto companies in the world and which created XRP, acquired Metaco in May 2023.

Harmonize offers an institutional standard that financial institutions and corporations can leverage as they build their blockchain and crypto services. BBVA has offered Bitcoin and Ethereum trading as well as custody since 2021.

With this partnership, it is migrating custody to Metaco’s Harmonize and will tap into its features to expand its crypto trading service to other cryptocurrencies. It will also use it for its tokenization product.

“Our partnership with Metaco, which will fully integrate our existing infrastructure within Avaloq, allows us to stay ahead of the market, offering the most robust and compliant platform,” Alfonso Gómez, CEO of BBVA in Switzerland, said in a statement.

Adrien Treccani, founder and CEO of Metaco, added:

“Metaco and BBVA Switzerland have had a longstanding history of partnership, and we are proud to bring our partnership to new heights, enabling awarded digital asset commercial offerings that fit the unique requirements of individuals and institutions.”

Metaco has key partnerships with global banks and financial institutions, including HSBC, DZ Bank, Societe Generale and UnionBank.

Recently, Standard Chartered-backed Zodia integrated Metaco. Also this week, the Ripple platform the platform partnered with computing giant IBM on the Hyper Protect Offline Signing Orchestrator (OSO), a technology that makes it easier and safer for top tier banks and financial institutions to safely deploy and handle digital assets in cold storage.

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USAID will change its name to the US Agency for International Humanitarian Assistance (IHA) By using blockchain technology, it will “radically increase security, transparency, and traceability” The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February The Trump administration reportedly wants its…

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USAID will change its name to the US Agency for International Humanitarian Assistance (IHA)
By using blockchain technology, it will “radically increase security, transparency, and traceability”
The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February

The Trump administration reportedly wants its United States Agency for International Development (USAID) to “leverage blockchain technology” as it works on renaming the organization.

According to a report from WIRED, a government memo has been circulating among State Department officials detailing plans for USAID. In the 13-page document – first reported on by Politico – it states that as part of the revamp, USAID will change its name to US Agency for International Humanitarian Assistance (IHA).

The memo also suggests “leveraging blockchain technology” which will “radically increase security, transparency, and traceability.”

It adds: “This approach would encourage innovation and efficiency among implementing partners and allow for more flexible and responsive programming focused on tangible impact rather than simply completing activities and inputs.”

USAID staffers on leave

Since US President Donald Trump re-entered the White House, significant changes have been made to organizations in the US. One of which is USAID.

In early February, USAID staff were put on administrative leave “with the exception of designated personnel responsible for mission-critical functions,” according to a government notice.

Following the implementation of Elon Musk’s Department of Government Efficiency (DOGE), staff numbers at USAID have been cut from 10,000 to just under 300.

In a post on X in February, Musk wrote: “USAID is a criminal organization. Time for it to die.”

USAID is a criminal organization.

Time for it to die. https://t.co/sWYy6fyt1k

— Elon Musk (@elonmusk) February 2, 2025

Blockchain in humanitarian efforts

The use of blockchain in humanitarian efforts has been used before with many seeing the potential is can bring. In 2020, UNICEF invested around 135 Ethereum – about $30,000 at the time – into eight companies from seven developing countries to assist in developing prototypes and to scale their projects.

Financial services company AID:Tech turned to the payment rails of stablecoin issuer Circle to provide fraud-resistant disaster relief delivery in USDC in 2021. By doing so, they wanted to reduce inequality and increase opportunities by bringing accountability and transparency to the distribution of federal relief.

Realizing the benefits of blockchain technology, AID:Tech was the first company to use the technology to deliver international aid in 2015.