XRP News: After Calling It Unsuitable in 2017, BBVA Rolls Out Ripple-Powered Custody

Ripple has signed an agreement with BBVA, Spain’s second-largest bank, to provide its custody technology. The move supports BBVA’s recently launched crypto trading and custody service for retail customers, covering Bitcoin, Ether, and other tokenized assets.

Under the deal, BBVA will use Ripple Custody, a self-custody platform designed for institutions. Ripple Custody provides a scalable and secure infrastructure, helping financial institutions meet strict operational, regulatory, and security requirements while managing crypto assets. 

The agreement builds on Ripple’s longstanding collaboration with BBVA, including previous deployments in Garanti BBVA, Turkey, and BBVA Switzerland.

“Now that the EU’s Markets in Crypto-Assets regulation (MiCA) is in place, banks can launch digital asset services their customers are asking for,” said Cassie Craddock, Managing Director, Europe, at Ripple. “BBVA is one of the region’s most innovative banks. Our custody platform gives them secure and compliant technology.”

Francisco Maroto, Head of Digital Assets at BBVA, said the platform allows the bank to offer end-to-end custody to its customers. “We can provide digital asset services backed by the security of a bank like BBVA,” he said.

However, this move comes after some revelations in the past. In 2017, sources within BBVA with close knowledge of Ripple and its reception in the banking sector revealed that the technology was not yet ready for practical use

At the time, staff expressed doubts about the protocol’s reliability and suitability for settlement purposes. While the tests were meant to evaluate future potential, insiders hinted that Ripple did not meet the operational standards BBVA required. The technology was described as not fit for its intended banking applications.

Fast forward to today, BBVA has formally adopted Ripple’s technology. The deal signals that BBVA has revisited Ripple’s technology after years of development, finding it mature enough to handle real-world applications.