Ripple-Backed BBVA Expands Crypto Services in Spain

BBVA, a long-time Ripple partner and one of Spain’s largest banks, has received regulatory approval to offer cryptocurrency services to retail investors. This milestone will enable customers in Spain—the world’s 14th largest economy—to access digital assets, including Bitcoin, Ethereum, and potentially XRP, through BBVA’s mobile banking app.

BBVA has been deeply involved with Ripple’s technology for years. As early as 2017, the bank made history by executing the first-ever international money transfer between Spain and Mexico using Ripple’s blockchain-powered payment network. Ripple’s Marcus Treacher highlighted BBVA as one of the earliest banks to join RippleNet, cementing its status as a pioneer in blockchain-based finance.

The bank further explored blockchain technology in 2018 by leveraging Ethereum for a syndicated loan. In 2021, it expanded its crypto services with a Bitcoin trading platform tailored for Swiss banking clients. By 2023, BBVA’s Swiss subsidiary had transitioned its custody services to Harmonize, the digital asset management platform developed by Metaco—acquired by Ripple for $250 million earlier that year.

BBVA’s Turkish arm, Garanti BBVA, has also played a crucial role in Ripple’s expanding ecosystem. Last October, the bank partnered with Ripple to launch digital asset custody services. Prior to that, XRP was integrated into Garanti BBVA’s crypto app, making the token available alongside several other cryptocurrencies.

As BBVA strengthens its crypto offerings, its deep ties to Ripple signal growing institutional confidence in XRP and blockchain-based financial solutions. This latest move underscores XRP’s increasing foothold in the banking sector, solidifying its role in the global shift toward digital assets.