Turkish Bank Garanti BBVA Embraces Digital Assets With New Crypto Wallet and Trading Platform

• In a significant move towards embracing digital assets, Turkish bank Garanti BBVA has launched a crypto wallet and trading platform, “Garanti BBVA Crypto”. 

Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies, has launched a crypto wallet and trading platform enabling its customers to purchase, sell, and store Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) seamlessly through the bank’s mobile app. 

The new “Garanti BBVA Crypto” service began as a beta test with a limited user base before rolling out to all customers after successful trials. 

The bank stated it plans to further expand its crypto capabilities and improve the experience for users embracing this new digital asset class.

Jeremy Allaire, CEO of crypto financial firm Circle, tweeted: “One of Turkey’s biggest retail banks just greenlit using USDC and rolled out a built-in crypto wallet. A watershed moment.”

One of the largest retail banks in Turkey, a subsidiary of BBVA, just launched direct support for using USDC and a native crypto wallet. Follow the money. https://t.co/HcH2SvSwI7

— Jeremy Allaire (@jerallaire) June 15, 2024

But crypto isn’t the only fintech frontier Garanti BBVA is exploring. The bank will soon unveil the Bonus Platinum Biometric Card, allowing customers to authorize transactions via fingerprint scan for enhanced security and convenience. 

Garanti BBVA is also launching a “Request Payment” feature to facilitate easier digital money transfers aligning with evolving customer needs and further expanding its fintech capabilities.

Despite regulatory challenges faced by traditional banks in the crypto space, Garanti BBVA’s successful launch signals a positive trend for banks offering digital assets while adhering to stringent compliance standards.

While exciting, the bank’s move into crypto highlights the challenges traditional finance faces with these new digital assets. US regulators recently examined Evolve Bank & Trust over anti-money laundering issues related to partnering with troubled fintechs. Similarly, Swiss crypto bank FlowBank was shut down due to insufficient capital.