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Garanti BBVA Launches Cryptocurrency Wallet in Turkey
Garanti BBVA has introduced a cryptocurrency wallet for its customers in Turkey. This new service allows users to securely buy, sell, and store Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
Garanti BBVAβs Crypto Offering
Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies Inc., now offers a crypto wallet service through its mobile platform, Garanti BBVA Crypto. This initiative is the first of its kind in Turkey, where a bank subsidiary has independently developed and launched a cryptocurrency wallet.
The platform enables users to transfer and store BTC, ETH, and USDC. The launch of this wallet is part of Garanti BBVAβs strategy to stay ahead in the evolving fintech industry. The bank has been involved with blockchain technology and cryptocurrency services for several years, recognizing their potential impact on the financial sector.
Available on the App Store for iOS users, the wallet offers enhanced security features and digital payment capabilities.
Executive Insights
Garanti BBVA Executive Vice President and Chairman of the Board of Directors of BBVA Digital Assets, ΓaΔrΔ± SΓΌzer, announced that the team successfully conducted pilot studies for the new service. The Garanti BBVA Crypto app, initially available in beta for a limited number of customers, is now accessible to all users. SΓΌzer mentioned that while the app currently supports BTC, ETH, and USDC, the bank plans to expand its range of assets and improve its service infrastructure in the future.
Rising Demand for Cryptocurrency Services in Turkey
Garanti BBVAβs introduction of a crypto wallet addresses Turkeyβs increasing demand for cryptocurrency services. As the market grows, the need for secure custodians of crypto assets becomes more critical.
In 2022, the cryptocurrency market saw hackers steal over $3.8 billion worth of digital assets, highlighting the necessity for secure storage solutions.
The Role of Traditional Banks
Traditional banks have started offering crypto custodial services, providing customers with a reliable and secure platform to manage their digital assets. The surge in hacking activities has significantly affected the cryptocurrency market, leading to investor losses and prompting regulators to call for enhanced consumer protections.
According to a report by Chainalysis, decentralized finance (DeFi) protocols were the main targets, making up 82.1% of all stolen cryptocurrency. Cross-chain bridge protocols were particularly vulnerable due to their centralized pools of funds.
High-profile heists, hacking incidents, and fraudulent activities have plagued the cryptocurrency market, resulting in substantial losses for investors and exchanges. A report from Immunefi indicates that hacking incidents account for 95% of all cryptocurrency theft, with the remaining losses due to fraud and other scams.
In response, traditional banks are positioning themselves as trustworthy custodians of crypto assets. By offering these services, banks aim to provide customers with a secure platform for handling their digital assets.
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