Garanti BBVA Kripto Partners with Ripple and IBM to Enhance Crypto Services

Garanti BBVA Kripto Partners with Ripple and IBM to Enhance Crypto Services

In a significant move, Garanti BBVA Kripto, the crypto arm of Turkish banking giant Garanti BBVA, has announced a strategic partnership with Ripple Inc. and IBM. This collaboration aims to offer enhanced and secure crypto trading and custodial services, marking Garanti BBVA as the first major institution to adopt Ripple’s newly launched Ripple Custody solution.

Expanding Crypto Services with Ripple and IBM

Garanti BBVA’s collaboration with Ripple and IBM comes after a successful pilot last year, during which the bank demonstrated strong potential in the crypto market. Now, with over 14,000 users, the bank plans to extend its crypto asset trading platform to its entire customer base, enhancing both performance and security.

The bank intends to leverage Ripple Custody and IBM’s institutional-grade infrastructure to provide end-to-end security for its crypto services. This partnership aims to build customer trust by securing applications, data, and private keys through a robust management system.

Aaron Sears, SVP of Global Customer & Partner Success at Ripple, expressed excitement about the partnership, stating:

“We are excited to join forces with Garanti BBVA Kripto in advancing Turkey’s dynamic crypto market. Secure custody is essential to unlocking the full potential of digital assets, and we are dedicated to supporting our global clients with secure and compliant solutions.”

Key Benefits for Garanti BBVA

With Ripple and IBM’s combined solution, Garanti BBVA stands to benefit from a wide array of advanced security features. These include data encryption and the isolation of customer environments, ensuring a high level of protection. The integration of embedded Hardware Security Modules (HSMs) with industry-leading security certifications will further reinforce the platform’s defenses, along with a flexible governance framework that eliminates single points of vulnerability.

By incorporating these technologies, Garanti BBVA will significantly mitigate risks from malicious actors while ensuring robust protection for its customers.

Despite ongoing legal challenges with the SEC, Ripple continues to push forward with cutting-edge innovations, serving industry leaders with secure blockchain solutions. In addition, Ripple is also planning an initial public offering (IPO) within the next 12 months, further signaling its confidence in the digital asset space.