Digital asset adoption: Ripple Labs extends custody alliance with GarantiBBVA

Ripple Managing Director Reece Merrick announced an extension of the blockchain payment firm’s collaboration with Garanti BBVA Kripto, a Turkish financial institution. The latter intends to continue using Ripple’s institutional-grade custody technology to secure major crypto assets, including Bitcoin.

„Our partner Garanti BBVA Kripto, the leading Turkish bank, is extending its custody relationship with Ripple! They’ll continue to leverage our custody technology to offer their millions of retail customers access to secure transfers and storage for major crypto assets like XRP, bitcoin and ether.” – Merrick said.

He added: „This renewal is a massive vote of confidence in our joint vision for the future of digital assets and reaffirms our commitment to providing secure, compliant, and capital-efficient infrastructure that meets the stringent demands of global finance firms.„

Garanti BBVA made its foray into the crypto space in late 2024 after it undertook a pilot program with Ripple and IBM. It had about 14,000 early adopters at this initial stage. At the time, this collaboration was designed to enable the bank to securely build, deploy, and manage institutional-grade key management infrastructure.