Ripple Taps BBVA to Expand Custody Services to Spain

Core Insights - Ripple Labs Inc. is expanding its operations in Spain through a partnership with Banco Bilbao Vizcaya Argentaria (BBVA) to meet the increasing demand for cryptocurrencies and crypto-based assets [1] - BBVA has launched Bitcoin and Ethereum trading and custody services for retail customers, with Ripple providing its digital asset custody service [2][3] - The partnership signifies a shift in traditional banks towards embracing cryptocurrencies, influenced by the EU's Market in Crypto Assets (MiCA) regulation [4][5] Group 1 - Ripple's partnership with BBVA allows customers to buy, sell, and hold crypto-assets within BBVA's digital banking environment after receiving regulatory approval [2] - The introduction of Ripple Custody enables secure self-custody of digital assets, eliminating reliance on third-party platforms [3] - The collaboration with BBVA is part of a broader trend where traditional financial institutions are increasingly investing in digital assets [4] Group 2 - The MiCA regulation has empowered European banks to launch digital asset offerings, aligning with customer demand [5] - Binance has also partnered with BBVA to explore crypto custody solutions, aiming to restore confidence in centralized crypto services post-FTX incident [5] - Ripple's Custody service is recognized for its compliance with stringent security and regulatory requirements, enhancing access to crypto for financial institutions [6]