Garanti BBVA is collaborating with Ripple and IBM to enhance its growing digital platform

Garanti BBVA Kripto is collaborating with Ripple and IBM to provide a secure environment for its crypto asset trading platform. Following a successful pilot in 2023, the bank is now rolling out the service to its entire customer base, leveraging partnerships with technology companies to continue to deliver the highest standards in terms of  performance, security, and customer trust.

The combined solution from Ripple Custody and IBM has enabled the platform to securely build, deploy, and manage critical institution-grade management infrastructure with end-to-end security to protect private keys, applications, and data.

Their solution offers a variety of  advanced security capabilities, such as data encryption, isolation of customer environments, embedded hardware security modules with the highest possible security certification, and a versatile governance framework that removes single points of compromise and helps mitigate the risks associated with malicious actors.

Korcan Abalı, CEO and member of the Board at Garanti BBVA Kripto explained that: “There has been a sharp increase in demand for digital assets among our customers. In order to respond to this demand, we launched our Garanti BBVA Digital Assets company in 2023, and currently provide services for BTC, ETH, USDC, AVAX, CHZ, XRP, ARB, and SOL as Garanti BBVA Kripto. The number of customers who prefer to transfer and store their crypto assets is increasing on a daily basis. We will continue to grow by increasing our asset diversity and developing our service infrastructure. Our collaboration with Ripple and IBM gives us the confidence of having institution-grade custody infrastructure, and the  safety, robust governance, and compliant processes that come with it.”

"Digital assets are increasing day by day, and they need to be managed on a highly secure platform that  complies with regulations,” said Işıl Kılınç Gürtuna, IBM Türkiye General Manager. “IBM’s infrastructure capabilities in IBM®LinuxONE will provide Garanti BBVA Kripto with a high level of security in a sustainable environment,leveraging IBM’s expertise in the digital asset custody domain”, she added.

“We’re thrilled to partner with Garanti BBVA Kripto to bolster the development of Türkiye’s vibrant crypto asset market,” added Aaron Sears, SVP of Global Customer & PartnerSuccess at Ripple. “Secure custody is foundational to unlocking value and addressing the growing demand for new asset classes across the digital economy. We remain committed to supporting our customers around the world to power the digital asset market with our secure and compliant services.”

Garanti BBVA Kripto was established in 2023, as a subsidiary of Garanti BBVA.