In a press release, Garanti BBVA Kripto, one of the Türkiye’s leading digital asset platforms, has announced entering into strategic partnership with Ripple and IBM to enhance the security and performance of crypto trading platform. With more than 14,000 users and growing demand of digital assets such as the Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), the bank is investing heavily in high performance system that are secure to safeguard customer assets.
A small pilot program was carried out in 2023 and after its success, the collaboration is now scaling up to the entire digital asset service of the bank. The bank is leveraging Ripple’s custody solutions alongside IBM’s infrastructure to ensure highest level of security.
Strategic Partnership to Enhance Security
Ripple and IBM have been the key players in enhancing the bank’s asset service platform. The bank has been able to implement an institutional grade key management system that protects customer assets with advanced security features. This includes end-to-end encryption, isolated customer environments, and the use of Hardware Security Modules (HSM) certified to the highest standards of security.
Korcan Abalı, CEO and Member of the Board at Garanti BBVA Kripto, highlighted the importance of meeting the increasing customer demand for secure digital asset storage and transfer. The CEO also pointed out the confidence this partnership gives out for providing institutional-grade custody infrastructure, which offers safety, robust governance and compliant processes.
IBM and Ripple’s Role in Shaping Türkiye’s Crypto Market
IBM, a major player in technology sector is providing the bank security with the help of their IBM®LinuxONE platform. According to Işıl Kılınç Gürtuna, IBM Türkiye General Manager “Digital assets are increasing day by day, and they need to be managed on a highly secure platform that complies with regulations. IBM’s infrastructure capabilities in IBM®LinuxONE will provide Garanti BBVA Kripto with a high level of security standards in a sustainability.”
Ripple’s collaboration, meanwhile, strengthens the platform’s capabilities to manage digital asset securely. Aaron Sears, Ripple’s SVP of Global Customer & Partner Success, expressed excitement about working with the bank, stating that “Secure custody is foundational to unlocking value and addressing the growing demand for new asset classes across the digital economy.”
By investing in cutting edge security solutions and forming strategic partnerships, Garanti BBVA Kripto is not only addressing current demands but also setting the stage for future innovations in the crypto industry.