The mainstream adoption of crypto assets in the European market has helped Garanti BBVA to offer diverse products to its growing customer base.
In a bid to boost a sustainable mainstream adoption of digital assets and Web3 products, Turkey’s second-largest private bank Garanti BBVA has announced a strategic collaboration with Ripple Labs and International Business Machines Corp (NYSE: IBM). According to the announcement, the collaboration between Ripple’s subsidiary Ripple Custody, and IBM will enable the bank to securely build, deploy, and manage institutional-grade key management infrastructure.
Furthermore, the said companies have earned the reputation of offering end-to-end security protection of applications’ data. Notably, Garanti BBVA undertook a successful pilot program in 2023 and is now ready to roll out the crypto services to all its customers.
The company’s crypto platform dubbed Garanti BBVA Digital Assets was established last year and has since attracted over 14k users. As a result of the strategic partnership, Garanti BBVA Digital Assets will seamlessly offer services for Bitcoin BTC $109 579 24h volatility: 0.4% Market cap: $2.19 T Vol. 24h: $37.14 B , Ethereum ETH $3 848 24h volatility: 0.6% Market cap: $464.88 B Vol. 24h: $17.63 B , Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.78 B Vol. 24h: $5.29 B , Avalanche AVAX $18.49 24h volatility: 1.0% Market cap: $7.91 B Vol. 24h: $298.67 M , Chiliz CHZ $0.0314 24h volatility: 0.1% Market cap: $316.66 M Vol. 24h: $18.30 M , XRP XRP $2.49 24h volatility: 0.3% Market cap: $150.00 B Vol. 24h: $2.33 B , and Solana SOL $186.6 24h volatility: 0.7% Market cap: $103.08 B Vol. 24h: $3.45 B , among others.
“…The number of our customers who prefer to transfer and store their crypto assets is increasing daily. We will continue to scale by increasing our asset diversity and developing our service infrastructure. Our collaboration with Ripple and IBM gives us the confidence of institutional-grade custody infrastructure, which offers safety, robust governance, and compliant processes,” Korcan Abalı, CEO and Member of the Board at Garanti BBVA Kripto, noted.
Impact of the Garanti BBVA’s Partnership with Ripple on XRP Market
The strategic partnership that Garanti BBVA inked with Ripple Labs and IBM will have a palpable impact on the XRP market in the near term. More so now that Ripple is fighting the United States Securities and Exchange Commission (SEC) in the recently appealed lawsuit case against the XRP sales.
Notably, Ripple has continued to grow and develop the XRPL network to support diverse web3 projects including real-world assets (RWA) tokenization and multi-chain smart contracts.
Additionally, Ripple is currently rolling out its fiat-backed stablecoins dubbed RLUSD to complement the XRP’s operations in cross-border payments.
Meanwhile, XRP’s market continues to face intense competition from other crypto projects including Stellar Lumens (XLM). Consequently, XRP price has lacked bullish momentum in the recent past, despite the ongoing macro bullish breakout led by Bitcoin.
According to the latest market data, XRP price has dropped more than 10 percent in the last four weeks to trade at about $0.52 on Wednesday, October 23, during the early New York session.
The large-cap altcoin, with a fully diluted valuation of about $52 billion and a daily average traded volume of around $1.2 billion, has significantly benefited from the notable adoption outside the United States.
From a technical standpoint, the XRP price is currently hovering at the apex of a macro triangular pattern, which began in 2018.
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