Turkey’s Garanti BBVA to Offer Crypto Trading Services

BBVA Bank affiliated Garanti BBVA Kripto is Turkey’s fifth-largest bank and will work on crypto trading platforms. This is to foster an ideal legal path for Turkish buyers and sellers to trade better with crypto under banking regulations. 

Turkey’s crypto market is heating up, and with the growing demand for crypto trading, it is set to do better.

Crypto Meets Traditional Banking in Turkey

Turkey ranks as the third-largest market globally for cryptocurrency adoption. The timing couldn’t be better for Garanti BBVA. Garanti BBVA is joining the Spain-based Bit2me crypto exchange to introduce innovation to the Turkish cryptocurrency market. Through this partnership, Bit2me will provide retail trading execution.

@garantibbvakrp ha elegido a Bit2Me como su proveedor clave de servicios cripto en Turquía .

Un paso más hacia la expansión global .

¡Seguimos construyendo el futuro!#Bit2Me #Cripto #Blockchain

Más info
1/2 pic.twitter.com/H50Mw5sznd

— Bit2Me (@bit2me) January 2, 2025

This partnership showcases how more old banks are trying to close the gap between the old and the new financial systems. Knowing this, Bit2me CEO Leif Ferreira stated, “2025 is the year that becomes the starting point for banks to complete the crypto buy/sell services.” His team is already working with over 50 banks to roll out similar products.

The Role of MiCA in Driving Crypto Expansion

Europe’s Markets in Crypto-Assets Regulation (MiCA) has been a major influence. MiCA offers a reliable legal structure for cryptocurrencies. It helps traditional banks provide crypto trading services.

Abel Peña, Bit2me’s CSO, said traditional banks must intervene to mainstream BTC and ETH. He believes that financial institutions are the key players that will push for the mainstream adoption of digital assets.

Spanish banking giant BBVA is deepening its foray into the crypto ecosystem.

Garanti BBVA Kripto, a crypto custody platform operated by Garanti BBVA — Turkey’s fifth largest bank, which as of December 2023 was almost 86% owned by BBVA — will soon be providing crypto trading…

— Tom Carreras (@tom_carreras) January 2, 2025

Why This Matters for Turkey and Beyond

This is common for European banks and is part of Garanti BBVA’s plans. Bit2me beta tests Ethereum’s ZKsync and caters to large-chain companies such as Crypto.com. They all note that crypto is no longer associated with a sideline market. They are gradually becoming members of the core of the structure of the international financial system.

For Garanti BBVA, adopting crypto services is a key step in Turkey, which is a leader in crypto adoption. It opens up legal ways for the clients to invest in trading with such contracts, hence improving the risk aspect of trading.

GARANTI BBVA SIGNALS SHIFT AS EUROPEAN BANKS EMBRACE CRYPTO UNDER MICA

Garanti BBVA will soon allow customers to trade cryptocurrencies, leveraging MiCA regulations to expand crypto services.

The Turkish bank, 86% owned by BBVA, highlights a trend as European institutions… pic.twitter.com/qzuTBN3LAn

— Crypto Town Hall (@Crypto_TownHall) January 2, 2025

Conclusion

Bringing crypto trading into the Turkish banking system is a smart move. This move by Garanti BBVA is significant for the crypto market in Turkey and points to the future. MiCA offers a legal basis for crypto, making operating through banks such as Garanti BBVA easier.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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