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Ripple Labs announced that it has extended its cryptocurrency custody collaboration with Garanti BBVA, one of Turkey’s leading financial institutions.
The company’s Managing Director, Reece Merrick, shared the news on the social media platform X.
According to Merrick’s statement, Garanti BBVA’s crypto asset affiliate, Garanti BBVA Kripto, will continue to use Ripple’s institutional-grade custody technology. In this context, the bank will continue to offer secure transfer and custody services for major crypto assets, primarily Bitcoin (BTC), Ethereum (ETH), and XRP, to its millions of retail customers.
In his post, Merrick argued that this upgrade was “a strong vote of confidence in the vision of a secure and regulated digital asset infrastructure.” He also spoke about Garanti BBVA’s continued preference for Ripple’s custody technology and its trust in the San Francisco-based blockchain payment company.
Garanti BBVA took its first step into the cryptocurrency space in late 2024 with a pilot program conducted with Ripple and IBM. During this pilot period, it reached approximately 14,000 early adopters.
*This is not investment advice.