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Highlights
- Garanti BBVA partnership will leverage Ripple Custody and IBM’s technologies, ensuring advanced security features like data encryption.
- It will also provide a governance framework to protect client assets and mitigate risks from malicious actors.
- This collaboration aims to enhance Türkiye’s crypto asset market by offering institutional-grade security and performance.
In the latest announcement, Turkish banking giant Garanti BBVA Kripto announced its partnership with Ripple Inc. and IBM to provide enhanced and secure crypto trading and custodial services to its clients. This is the first major customer after the blockchain firm launched its Ripple Custody solution earlier this month.
Garanti BBVA and Ripple to Expand Crypto Services
Through its strategic collaboration with Ripple and IBM, Turkish bank Garanti BBVA seeks to bring high performance and security to its crypto asset trading platform. After its successful pilot last year, the bank is willing to roll out its services to its entire customer base of over 14,000 users.
As a result, Garanti seeks to leverage key technology collaborations in order to deliver the best performance, security, and customer trust. Thus, the Turkish bank will use the combined solution from Ripple Custody and IBM thereby deploying and managing an institutional-grade management infrastructure with end-to-end security. The banking giant said that this would help them protect their applications, data, and private keys.
Speaking on this development, Aaron Sears, SVP of Global Customer & Partner Success at Ripple said:
“We’re thrilled to partner with Garanti BBVA Kripto to bolster the development of Türkiye’s vibrant crypto asset market. 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.”
How Will the Turkish Bank Benefit From the New Solution
By using the combined technological solution provided by Ripple Custody and IBM, Garanti BBVA will benefit from advanced security measures that include data encryption as well as isolation of customer environments.
Furthermore, the solution will also incorporate embedded Hardware Security Modules (HSMs) with top-tier security certifications, alongside a flexible governance framework designed to eliminate single points of compromise. These combined features will ultimately help in reducing risks posed by different malicious actors while offering a robust defense for customers.
While Ripple’s lawsuit with the SEC progresses, the blockchain firm continues to serve industry players with unique solutions. The legal battle with the SEC hasn’t deterred the company from pursuing new technological innovations in the space.
On the other hand, the blockchain is also working on a Ripple IPO which it plans to launch over the next 12 months.
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