Spain’s banking sector continues to expand into crypto with Ripple’s latest agreement with %BBVA. The partnership brings %Ripple Custody to BBVA’s Spanish operations, furthering the bank’s digital asset strategy. The move comes amid growing demand for regulated custody solutions as the European Union’s MiCA framework clarified rules for banks entering the market.
BBVA already provides retail crypto services such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) trading. The addition of Ripple Custody enables the bank to expand its digital asset infrastructure to include tokenized assets. Ripple defines its custody system as institutional-grade, built to stringent compliance and security standards. BBVA’s integration of tested infrastructure enhances its capacity to manage retail demand while retaining internal oversight.
Francisco Maroto, BBVA’s Head of Digital Assets, explained that the customers will access digital assets under the bank’s security framework. The partnership follows an earlier rollout in Switzerland and Turkey, where BBVA already uses Ripple’s technology.
Ripple’s Custody Gains Momentum in Europe
Ripple said it has more than 60 regulatory licenses globally, so it was confident enough for BBVA to adopt its systems. Its custody platform has been used in several markets for over a decade, providing proven technology as European institutions move into crypto.
BBVA Spain joins a growing list of banks that use Ripple Custody Garanti BBVA in Turkey and BBVA Switzerland both integrated the system earlier setting the stage for wider deployment around the globe. Ripple Europe’s Managing Director, Cassie Craddock, stressed that banks are now poised to scale-up digital asset services as a result of MiCA regulations. She cited BBVA’s established track record in digitization as a driver for the bank’s latest step.
The expansion was also confirmed on Ripple’s official X account, marking Spain as a new frontier for regulated custody offerings. The move highlights the pace of crypto adoption by banks across Europe.
Ripple Advances Beyond Legal Challenges
The BBVA deal comes on the heels of Ripple’s return to business focus following the end of its dispute with the U.S. Securities and Exchange Commission. The two parties recently agreed to dismiss continuing appeals, ending years of uncertainty over the classification of XRP (CRYPTO: $XRP).
Ripple aims to lead in %Blockchain infrastructure with their regulatory licenses and established custody technology. For banks, the partnership is an immediate route to provide secure crypto services while adhering to compliance requirements.
On the market front, XRP is trading in a consolidation range. Support is near $2.7, and resistance is formed at $3.4 to $3.5. Analysts say a breakout above $3.1 could open the door to gains towards the upper resistance levels. However, a failure to hold $2.7 may bring a retreat toward $2.4.
