Turkish banking giant Garanti BBVA has partnered with Ripple and IBM to offer secure crypto trading and custodial services, aiming to enhance Türkiye’s crypto asset market. This collaboration will leverage Ripple Custody and IBM’s technologies to ensure advanced security, including data encryption and a robust governance framework to protect client assets and mitigate risks from malicious actors.
Garanti BBVA Expands Crypto Services with Ripple and IBM:
In a recent announcement, Garanti BBVA Kripto revealed its partnership with Ripple Inc. and IBM to deliver secure and efficient crypto trading and custody services. This marks the first major client engagement following the launch of Ripple Custody earlier this month. Garanti BBVA plans to extend these services to its entire customer base of over 14,000 users after a successful pilot phase last year.
The partnership aims to combine Ripple Custody’s security features with IBM’s technology, creating an institutional-grade infrastructure for managing digital assets. This solution is designed to protect applications, data, and private keys, ensuring high performance and customer trust. Aaron Sears, SVP of Global Customer & Partner Success at Ripple, expressed enthusiasm about supporting Türkiye’s growing crypto market, emphasizing the importance of secure custody in unlocking value within the digital economy.
Benefits for Garanti BBVA:
By integrating solutions from Ripple and IBM, Garanti BBVA will benefit from advanced security measures, such as data encryption and customer environment isolation. The system will also include embedded Hardware Security Modules (HSMs) with top-tier security certifications and a flexible governance framework to prevent single points of compromise. These features aim to mitigate risks from malicious actors and provide robust protection for customers.
Despite its ongoing legal battle with the SEC, Ripple continues to deliver innovative solutions across the industry. The partnership with Garanti BBVA showcases the firm’s commitment to expanding its technology offerings globally. Additionally, Ripple is preparing for a potential IPO within the next 12 months, highlighting its ambitions for growth in the digital asset sector.
