Ripple has expanded its European footprint by joining forces with Spanish banking giant BBVA to introduce a digital asset custody service.

Announced on Sept. 9, the initiative extends Ripple’s institutional custody platform into Spain, giving BBVA the tools to store and manage cryptocurrencies and tokenized assets securely.

BBVA can scale its digital asset offering by deploying Ripple's custody technology while staying within strict regulatory and security standards. The service positions the bank to meet rising demand from customers who want direct access to crypto without relying on third-party intermediaries.

This move comes as BBVA rolls out retail services for Bitcoin and Ethereum trading and custody in Spain. The bank's customers can now buy, sell, and hold the two top cryptocurrencies directly through its mobile application.

BBVA said it has disclosed the new retail offering to Spain’s National Securities Market Commission (CNMV).

The bank stressed that all services are designed to comply with the EU’s new Markets in Crypto-Assets (MiCA) law, meaning customers initiate transactions themselves through the app.

Ripple’s European managing director, Cassie Craddock, said these developments reflect the market impact of MiCA among traditional European banks. With MiCA now in place, she explained, banks across the bloc feel more confident about launching digital asset services that customers have requested.

BBVA executives echoed this sentiment, while adding that the partnership allows the bank to expand its end-to-end crypto services

Francisco Maroto, who leads BBVA’s digital asset unit, noted that Ripple’s custody system offers the operational reliability and security needed to build customer trust.

He added:

“Through this agreement we can deliver on our goal of supporting our customers to explore digital assets, backed by the strength and security of a bank like BBVA.”

This collaboration follows earlier projects between Ripple and BBVA in Turkey and Switzerland.

Notably, BBVA's Switzerland had previously collaborated with Ripple-owned Metaco to build its digital asset operations in 2023.