Following a successful pilot in 2023, the bank is now offering this service to all its customers, relying on the collaboration to meet key standards in security and operational efficiency.
Ripple and IBM have provided a combined solution that allows Garanti BBVA Kripto to implement institutional-grade security infrastructure. This includes end-to-end protection for private keys, applications, and data, using advanced technologies such as data encryption, customer environment isolation, and embedded Hardware Security Modules. The system's governance framework is designed to eliminate single points of failure and minimise risks from malicious activities.
Officials from Garanti BBVA Kripto noted that customer demand for digital assets has been steadily increasing. In response, the company launched Garanti BBVA Digital Assets in 2023, offering services for several major cryptocurrencies, including BTC, ETH, USDC, and XRP. They emphasised the importance of the partnership with Ripple and IBM in ensuring that the platform provides secure custody infrastructure.
IBM representatives highlighted that the rising adoption of digital assets requires platforms that adhere to strict security and regulatory standards. They stated that IBM’s infrastructure, particularly its IBM LinuxONE technology, would help Garanti BBVA Kripto maintain a high level of security.
Officials from Ripple added that secure custody is a critical component in meeting the demand for new asset classes within the digital economy. They expressed Ripple’s commitment to supporting Garanti BBVA Kripto and the broader growth of Türkiye’s crypto asset market.
Established in 2023 as a subsidiary of Garanti BBVA, Garanti BBVA Kripto aims to provide secure cryptocurrency services. The platform is designed to offer a reliable, stable, and regulatory-compliant environment for users to store and transfer digital assets.
Ripple provides digital asset infrastructure solutions for financial institutions, leveraging the XRP Ledger for fast and scalable transactions. Ripple focuses on enabling secure, compliant digital asset services, working with partners and regulators to support the evolving digital asset economy.
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