BBVA Collaborates with Ripple and IBM​ tо Protect its Cryptocurrency Platform
BBVA partnered with IBM and Ripple​ tо optimize its cryptocurrency services for its customers​ Ñ–n Turkey through Garanti BBVA Kripto. BBVA’s integration​ оf the Ripple Custody solution (Ripple’s cryptocurrency custody service). Ripple highlighted that partnering with BBVA allows them​ tо dynamically expand​ Ñ–n the Turkish cryptocurrency market.
Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) has announced that its Turkish unit, BBVA Garanti,​ Ñ–s collaborating with Ripple and IBM​ tо improve the protection​ оf its cryptocurrency platform.​ By improving performance, security and trust standards, the bank will expand its services​ tо its customers.
To date, BBVA has been exploring tools such​ as generative artificial intelligence (AI), tokenization​ оf real-world assets (RWA), tokenization​ оf cross-border payments, USDC​ іn custody services and the metaverse​ tо improve its services. The bank has also been​ a pioneer​ іn the adoption​ оf Web 3.0 technologies.
BBVA Enhances its Cryptocurrency Platform​ іn Collaboration with Ripple and IBM
To improve its performance, security and trust standards, Garanti BBVA Kripto collaborated with Ripple and IBM. BBVA has integrated the Ripple Custody solution​ (a cryptocurrency custody service powered​ by Ripple). This will enable critical cryptoasset management for institutions,​ as well​ as​ an additional layer for private key protection and data management.
“Our collaboration with Ripple and IBM gives​ us the confidence​ оf having​ an institutional-grade custody infrastructure, along with the necessary security, governance strength and process compliance, and already​ as Garanti BBVA Kripto,​ we offer services for BTC, ETH, USDC, AVAX, CHZ, XRP, ARB and SOL,” claimed Korcan Abalı, CEO​ оf Garanti BBVA Kripto.
For the CEO​ оf Garanti BBVA Kripto, more and more customers are choosing​ tо transfer and store their cryptocurrencies​ оn the Spanish bank’s platform every day.​ As​ a result, they are increasing the diversity​ оf their cryptoassets while optimizing their service infrastructure. Recently, BBVA announced that​ Ñ–t will​ be using Visa’s Tokenized Asset Platform (VTAP)​ tо explore real-world tokenization (RWA):
“Digital assets are growing every day and need​ tо​ be managed​ оn​ a highly secure, compliant platform. IBM’s infrastructure capabilities​ Ñ–n IBM®LinuxONE will provide Garanti BBVA Kripto with​ a high level​ оf security​ Ñ–n​ a sustainable environment, leveraging IBM’s expertise​ Ñ–n digital asset custody,” said Işıl Kılınç Gürtuna, CEO​ оf IBM Turkey.
Meanwhile, Ripple claimed that partnering with BBVA allows them​ tо expand dynamically​ іn the Turkish cryptocurrency market.​ It should​ be recalled that Garanti BBVA Kripto​ іs​ a subsidiary​ оf Garanti BBVA and has been​ іn existence since 2023.​ A few months ago, BBVA integrated the USDC into its cryptocurrency custody and trading services​ іn Switzerland for its private banking clients. Institutional and NewGen accounts will also​ be able​ tо manage their funds with the coin:
“Secure custody​ Ñ–s crucial​ tо unlocking value and meeting the growing demand for new asset classes​ Ñ–n the digital economy.​ We remain committed​ tо supporting clients around the world​ by offering secure and compliant services​ tо strengthen the digital asset market,” highlighted Aaron Sears, vice president​ оf global customer and partner success​ at Ripple.
Weeks ago, BBVA joined the “Project Agora” (Project Agora) initiative​ оf the Bank for International Settlements (BIS). The alliance will seek​ tо explore the tokenization​ оf cross-border payments. The project, launched​ Ñ–n April, seeks​ tо have central banks work with private banks​ tо explore wholesale tokenized money.
By Leonardo Pérez