Garanti BBVA has announced a partnership with Ripple and IBM to enhance its digital asset platform, Garanti BBVA Kripto. This collaboration aims to improve performance, security, and customer trust for its trading platform, which serves over 14,000 users.
Garanti BBVA Secures Key Management with Ripple and IBM Solutions
The alliance comes after the firms tested the partnership in the year 2023. The bank has now extended these services to all its customers. In this way, Garanti BBVA aims to keep a high level of service in digital assets due to the partnership with Ripple and IBM.
The solutions from Ripple Custody and IBM enable the bank to securely handle the key management structure. This setup provides protection to private keys, applications, and customers’ information throughout the chain. Other security features are data encryption and a separate customer environment. The inclusion of embedded Hardware Security Modules offers the highest level of security certification that is required in guarding against possible threats to digital assets.
Major Developments for Garanti BBVA in the Digital Asset Sector
Korcan Abalı, the CEO of Garanti BBVA Kripto, highlighted the request for digital assets from consumers. In turn, the bank created Garanti BBVA Digital Assets in 2023 providing services for such cryptocurrencies as $BTC, $ETH, $USDC, and others. Abalı focused on the fact that more and more customers prefer to transfer and store crypto assets. He said that he is confident in the company’s partnership with Ripple and IBM, which guarantees a reliable and secure custody service that is legal.
Işıl Kılınç Gürtuna, IBM Türkiye General Manager, underlined that the platform has to be very secure in order to manage the growing digital assets. She also said that through, IBM® LinuxONE, IBM’s infrastructure capabilities will improve Garanti BBVA Kripto’s security. This partnership is expected to establish a stable ecosystem for the management of digital assets.
Ripple’s SVP, Aaron Sears, said he was looking forward to working with Garanti BBVA Kripto. He also stressed on the necessity of safekeeping in creating value in digital asset market niche. The partnership is a way to demonstrate the willingness to develop Türkiye’s crypto asset industry, meeting the emerging demand for new categories of digital assets.
In the broader scheme of things, this is a major development for Garanti BBVA in terms of its strategic position in the emerging digital asset market.
