- Garanti BBVA will launch full crypto trading services powered by the Bit2Me partnership.
- New MiCA regulation enables Garanti BBVA to offer crypto services across Europe.
- Garanti BBVA expands crypto offerings as European banks embrace blockchain solutions.
Garanti BBVA, the fifth largest bank in Turkey, is taking crypto services a step further by launching full crypto trading services. The platform, Garanti BBVA Kripto, is now open to the public after operating with restricted services during the pilot stage. This decision comes after the bank decided to engage Bit2Me, a Spanish-based crypto exchange, to facilitate its trading execution.
BBVA’s Crypto Growth Strategy
Garanti BBVA, almost 86% owned by the Spanish banking giant BBVA, has steadily increased its crypto products. The Spanish bank BBVA had $857 billion in assets under management by the end of 2023, making it the 43rd largest bank in the world. Garanti BBVA Kripto officially started its crypto trading services in January 2024 and expects high demand for digital asset services in Turkey and other countries.
Collaboration with Bit2Me is fundamental to this approach, as has been the case with other partners. Bit2Me, founded in 2014, will be responsible for executing the crypto operations of Garanti BBVA clients. This partnership is quite timely since it takes place at the time of the full use of the European Union’s Markets in Crypto-Assets regulation (MiCA). MiCA offers financial institutions better clarity, making it safe for banks to work in the crypto industry.
MiCA Regulation Boosts Crypto
In its crypto trading services, Garanti BBVA Kripto will allow investors to trade popular cryptocurrencies, including Bitcoin and Ether. European financial firms such as Garanti BBVA can now apply for licenses to offer crypto services under the new MiCA regulation. MiCA went into force on December 30, 2023, and should help make banks’ interactions with regulators more predictable across the EU and enable them to provide customers with crypto services.
Abel Pena, CSO at Bit2Me, stressed the importance of the collaboration. He said that the MiCA regulation has paved the way for more crypto services across Europe. MiCA has given some regulatory certainty, which makes it easier for financial institutions to offer such products to their customers in light of growing demand.
BBVA Swiss Branch Rolls Out USDC for Institutional InvestorsGaranti BBVA’s move into crypto trading aligns with other European banks’ efforts to explore blockchain and crypto services. For instance, Deutsche Bank is working on solutions based on Ethereum, and Societe Generale has released its stablecoin. As more traditional banks start to engage in digital assets, the financial industry is moving toward the broader acceptance of cryptocurrencies.
