Turkey recently witnessed a significant development in the banking sector as Garanti BBVA, a bank subsidiary, independently created and launched its own cryptocurrency wallet, a first for the country. The wallet allows customers to transfer and store Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) on the platform, reflecting the bank’s commitment to staying ahead in the rapidly evolving fintech industry.
Garanti BBVA has been actively involved in blockchain technology and cryptocurrency services for several years, acknowledging their potential to revolutionize the financial sector. The newly launched crypto wallet, available on the App Store for iOS users, boasts enhanced security features and digital payment capabilities.
Initially accessible in beta for a limited number of customers, the app is now available to all users, with plans to expand its range of assets and service infrastructure in the future. The bank’s foray into the crypto market underscores the growing demand for secure custodians of digital assets.
Traditional banks have started offering custodial services, providing customers with a reliable and secure platform to manage their crypto assets. This shift marks a departure from the previous practice of storing assets directly on exchanges or with lesser-known entities, representing a move towards greater security and peace of mind for customers.
Furthermore, the rise in custodial services by banks highlights the critical need for secure platforms to handle digital assets, especially in light of vulnerabilities in cross-chain bridge protocols and the potential for exploitation by hackers. As the industry continues to evolve, banks are increasingly focused on providing secure platforms for customers to manage their digital assets, reflecting the changing landscape of financial services in the digital age.