Garanti BBVA is set to enhance its digital asset offerings by introducing a new crypto safekeeping service, thanks to a strategic collaboration with Ripple and IBM. This partnership aims to provide customers with a secure and efficient way to manage their cryptocurrency assets, reflecting the growing demand for such services in the financial sector.
Advanced Security Features for Digital Assets
The combined solution from Ripple Custody and IBM has enabled Garanti BBVA to establish a robust institutional-grade key management infrastructure. This infrastructure is designed to ensure end-to-end security for protecting private keys, applications, and sensitive data.
- Key Security Capabilities:
- Data encryption to safeguard information.
- Isolation of customer environments to enhance security.
- Embedded Hardware Security Modules (HSMs) for added protection.
- A governance framework that mitigates risks from potential threats.
These advanced security measures are crucial in today’s digital landscape, where the risks associated with cyber threats are ever-present. By implementing these features, Garanti BBVA aims to provide its customers with peace of mind when it comes to managing their crypto assets.
Growing User Base and Service Expansion
Since launching its digital asset services, Garanti BBVA has attracted approximately 14,000 users. The bank began offering crypto wallet services on its mobile platform in June, further expanding its reach in the cryptocurrency market.
- Supported Digital Assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Coin (USDC)
- Avalanche (AVAX)
- Chiliz (CHZ)
- XRP
- Arbitrum (ARB)
- Solana (SOL)
Korcan Abalı, CEO and Member of the Board at Garanti BBVA Kripto, noted the increasing preference among customers for transferring and storing their crypto assets. He emphasized the bank’s commitment to scaling its services by diversifying its asset offerings and enhancing its service infrastructure.
A Commitment to Institutional-Grade Custody
The collaboration with Ripple and IBM not only enhances Garanti BBVA’s security capabilities but also instills confidence in its operational processes. Abalı stated, “Our collaboration with Ripple and IBM gives us the confidence of institutional-grade custody infrastructure, which offers safety, robust governance, and compliant processes.”
This partnership positions Garanti BBVA as a key player in the Turkish banking sector’s digital asset landscape, catering to the needs of both individual and institutional investors. As the demand for crypto services continues to rise, the bank is well-prepared to meet the evolving expectations of its customers.
With the launch of this crypto custody service, Garanti BBVA is taking significant steps to solidify its presence in the digital asset market, ensuring that its customers have access to secure and reliable services.
Jude Blair is a blockchain news writer at Crypto Quill, with a passion for unraveling the intricacies of distributed ledger technology and its impact on the digital landscape. With a sharp focus on blockchain innovations and industry trends, Jude’s articles offer readers comprehensive insights into the evolving world of cryptocurrencies. Known for his analytical prowess and dedication to factual reporting, Jude brings a fresh perspective to blockchain news, delivering timely and engaging content that educates and empowers audiences.