 
 
Ripple, the U.S. fintech firm behind the XRP cryptocurrency, is expanding its European banking partnerships via a new agreement with the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA).
For Ripple, Spain marks another foothold in Europe’s regulated crypto asset industry.
BBVA To Use Ripple’s Tech For Bitcoin, Ether Custody In Europe
According to a Tuesday announcement, Ripple has agreed to provide its digital asset custody technology to BBVA.
The deal will see the banking giant integrate Ripple’s institutional-grade digital asset self-custody technology into its recently launched crypto trading and custody service for Bitcoin (BTC) and Ether (ETH), catering to retail clients in Spain.
“Ripple’s custody solution allows us to leverage proven and trusted technology that meets the highest security and operational standards, allowing BBVA to directly provide an end-to-end custody service to its customers,” BBVA Head of Digital Assets Francisco Maroto posited in a statement.
 
MiCA Propelling Adoption Among European Banks
The deal comes as more European banks adapt to the Market in Crypto Assets (MiCA) regulation, which established a framework for offering digital asset services across the European Union.
“Now that MiCA is established, the region’s banks are emboldened to launch the digital asset offerings that their customers are asking for,” Cassie Craddock, Ripple’s managing director for Europe, remarked.
Ripple’s custody tech helps banking institutions like BBVA offer crypto assets while maintaining safety, compliance, and efficiency.
BBVA’s move follows an early July report that Germany’s largest bank, Deutsche Bank, was planning to allow its clients to store cryptocurrencies like Bitcoin starting from next year.
Notably, the new agreement extends the existing alliance between the two firms, with Ripple already offering custody tech for BBVA in Switzerland and Turkey. The two have also been working together on real-time international money transfer pilots. Ripple President Monica Long voiced her excitement about the new chapter of the partnership with BBVA in Spain.