XRP News: After Deeming It Unsuitable in 2017, BBVA Launches Ripple-Powered Custody Solution

BBVA just flipped the script on its 2017 XRP stance—launching a Ripple-powered custody service that’s turning heads across institutional finance.

From Skeptic to Builder

Eight years after publicly dismissing XRP as unsuitable for banking, Spain’s second-largest bank is now rolling out a full-scale digital asset custody platform built on Ripple’s technology. The move signals a dramatic shift in traditional finance’s approach to blockchain infrastructure—and a quiet admission that maybe, just maybe, crypto isn’t just for degenerates after all.

Why Custody Matters

Institutional custody has long been the final frontier for crypto adoption. Banks don’t dabble—they demand bulletproof security, regulatory clarity, and enterprise-grade infrastructure. BBVA’s pivot isn’t just a product launch; it’s a legitimization stamp for XRP and a clear signal that real-world use cases are trumping theoretical concerns.

Ripple’s Resilience

Despite years of regulatory pressure and industry skepticism, Ripple keeps landing heavyweight partners. BBVA’s reversal suggests that functional technology eventually wins—even when Wall Street’s spreadsheet jockeys take their sweet time catching up.

Finance’s slow dance with crypto continues—one cautious, profit-driven step at a time.

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. 

Ripple Custody@BBVA

We're expanding our partnership with @BBVA, bringing our institutional-grade digital asset custody technology to Spain: https://t.co/28Mkejn1AH

BBVA is responding to growing customer demand for crypto assets, with Ripple providing a secure and…

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

An insider at BBVA with intimate knowledge of Ripple and its reception in the banking community has just let slip that Ripple is not fit for purpose and was only under test just in case it could be useful, which it is now obvious to them that it is not. Do you own Ripples? pic.twitter.com/86YkvsTsoI

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.