- Ripple and BBVA expand their previous collaborations in Switzerland and Turkey.
- BBVA will use Ripple to begin retail custody of BTC and ETH.
- MiCA regulation gives banks confidence to expand digital asset services.
Ripple announced that BBVA, Spain’s second-largest bank, will integrate Ripple’s institutional custody technology into the bank’s retail crypto platform in Spain.
This move signals a new phase in mainstream adoption of digital assets across Europe and comes as banks in the region embrace the regulatory clarity provided by the EU’s Markets in Crypto-Assets (MiCA) framework.
Ripple’s crypto custody enters Spain
Under the agreement between Ripple and BBVA, BBVA customers will be able to trade and securely hold Bitcoin and Ether directly within the bank’s mobile application.
By deploying Ripple Custody, BBVA can manage cryptocurrencies and tokenized assets without relying on third-party intermediaries, offering customers a more seamless and trusted experience.
The Spanish bank disclosed the new arrangement to the National Securities Market Commission (CNMV), emphasizing transparency and a commitment to regulatory compliance.
With this development, BBVA becomes one of the first major European banks to offer retail customers crypto trading and custody services under a fully regulated framework.
Building on prior collaboration
The new agreement is not the first between the two firms. Ripple and BBVA have previously worked together in Switzerland and Turkey, where custody technology was introduced to support similar initiatives.
BBVA’s Swiss unit had already been collaborating with Metaco, the digital asset company acquired by Ripple in 2023, to build custody operations.
The partners also tested real-time cross-border payments in earlier pilot projects, demonstrating ambitions that extend beyond custody alone.
Last month, reports noted that BBVA had taken on a role as one of the few independent custodians serving customers of Binance, the world’s largest crypto exchange.
European banks can offer crypto services under MiCA
BBVA’s move in Spain reflects broader shifts across Europe’s financial sector.
The introduction of MiCA provides a clear pathway for traditional banks to enter the crypto space while ensuring robust customer protections.
Ripple executives point to MiCA as a turning point for Europe’s banking industry.
Kathy Craddock, Ripple’s Managing Director for Europe, said the regulation gives banks the confidence to offer the digital asset services customers have been asking for over many years.
By adopting Ripple’s custody solution, BBVA can scale its services to meet growing demand without compromising compliance or security.
For Ripple, the Spain deal represents a milestone in a broader strategy to support regulated financial institutions across Europe.
BBVA echoed that view, stressing that customers can now explore digital assets while maintaining the security expected of a global bank.
Francisco Maroto, head of BBVA’s digital assets division, said Ripple’s custody system delivers the reliability and security required to earn customer trust.
Maroto added that the partnership enables BBVA to offer end-to-end custody services, strengthening the bank’s position as a leader in Europe’s evolving crypto landscape.