Ripple and IBM have partnered with Garanti BBVA, a Turkish banking giant, to offer secure custodial services and crypto trading.
In a recent announcement, Turkish banking giant Garanti BBVA Kripto revealed its partnership with Ripple Inc. and IBM to enhance and secure its crypto trading and custodial services.
This marks the first significant client since Ripple launched its Ripple Custody solution earlier this month.
Garanti BBVA and Ripple Expand Crypto Services
Garanti BBVA, through its strategic collaboration with Ripple and IBM, aims to improve the performance and security of its crypto asset trading platform.
Following a successful pilot last year, the bank is now preparing to roll out these services to its entire customer base of more than 14,000 users.
By leveraging Ripple Custody and IBM technology, Garanti BBVA plans to offer a robust, institutional-grade management system with end-to-end security.
The bank noted that this partnership will help protect its applications, data, and private keys.
Aaron Sears, SVP of Global Customer & Partner Success at Ripple, expressed excitement about the partnership, stating:
“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.”
Benefits of the New Solution for Garanti BBVA
Garanti BBVA will gain from the advanced security features offered by the combined Ripple Custody and IBM solution. These include data encryption and the isolation of customer environments.
The solution will also integrate embedded Hardware Security Modules (HSMs) with high-level security certifications and a flexible governance framework designed to remove single points of compromise.
These features will help reduce risks from malicious actors and strengthen customer protection.
Despite Ripple’s ongoing lawsuit with the SEC, the blockchain company continues to deliver innovative solutions to industry players.
The legal battle hasn’t stopped Ripple from advancing its technology. Additionally, Ripple is working on launching an IPO within the next 12 months.
