Garanti BBVA Bank has recently introduced a new service for its customers in Turkey – a cryptocurrency wallet. This wallet allows users to securely buy, sell, and store popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
The crypto wallet, offered through Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies Inc., is accessible via the mobile platform Garanti BBVA Crypto. This initiative is a first in Turkey, with a bank subsidiary taking the lead in creating and launching a cryptocurrency wallet independently.
Customers can now easily transfer and store BTC, ETH, and USDC on the platform, which highlights Garanti BBVA’s commitment to staying ahead in the rapidly evolving fintech industry. The bank has been actively involved with blockchain technology and cryptocurrency services for some time, recognizing the potential of these innovations to transform the financial sector.
The wallet, currently available on the App Store for iOS users, boasts advanced security features and digital payment capabilities. Çağrı Süzer, the Executive Vice President and Chairman of the Board of Directors of BBVA Digital Assets, announced that the team successfully conducted pilot studies for the new service. Initially launched in beta for a limited customer base, the Garanti BBVA Crypto app is now open to all users. Future plans include expanding the range of supported assets and enhancing the service infrastructure.
The introduction of a crypto wallet by Garanti BBVA aligns with the growing demand for cryptocurrency services in Turkey. As the adoption of cryptocurrencies rises, traditional banks are stepping in to offer secure custodial services to safeguard digital assets. Recent data shows a significant increase in cryptocurrency theft in 2022, resulting in losses amounting to billions of dollars. This underscores the importance of secure platforms for managing digital assets.
Hackers have targeted decentralized finance (DeFi) protocols, accounting for the majority of stolen cryptocurrency. Cross-chain bridge protocols have been particularly vulnerable due to the centralized pools of funds they create. High-profile heists, hacks, and fraudulent activities have plagued the cryptocurrency market, leading to substantial losses for investors and exchanges.
According to reports, hacking incidents make up the majority of cryptocurrency theft, with the remaining losses attributed to fraud and scams. In response to these challenges, traditional banks are repositioning themselves as reliable custodians of crypto assets. By offering custodial services, banks aim to provide customers with a safe and secure platform for managing their digital assets.
In a related development, Binance traders were recently given the option to custody their assets with regulated Swiss institutions like Sygnum Bank and Flow Bank, signaling a shift towards greater security and protection for digital assets. This move away from storing assets on exchanges or with lesser-known entities reflects a growing emphasis on safeguarding cryptocurrencies.