Turkey’s banking giant, Garanti BBVA, has announced plans to offer Bitcoin and other cryptocurrencies to its more than 27 million clients.
The fifth-largest bank in Turkey will soon allow its customers to buy and sell cryptocurrency through its subsidiary, Garanti BBVA Krypto. The crypto custody provider is a part of Garanti BBVA, a financial institution in which Banco Bilbao Vizcaya Argentaria (BBVA), the second-largest bank in Spain, holds over 85% of shares.
Meanwhile, BBVA’s latest crypto push involves collaborating with Bit2Me, a Spanish crypto exchange that debuted in 2014. The platform serves as the leading bank’s trade execution partner.
Garanti BBVA Forays into Cryptocurrency
According to the announcement, Garanti BBVA will allow its over 27 million customers to trade Bitcoin, Ethereum, and Circle’s USDC. Furthermore, it will add features like Request Payment and the Bonus Platinum Biometrics Card, allowing users to seamlessly transact their crypto assets.
Notably, Garanti BBVA has already started advertising cryptocurrency on its website since January 2024. However, as a pilot program, the service was unavailable to general clients.
Meanwhile, Garanti BBVA’s crypto venture came amid an easing regulatory climate in Europe since the implementation of MiCA. For context, the Markets in Crypto Assets (MiCA) regulation came into full effect on December 30, evolving the regulatory landscape in European countries.
European Banks Scrambling for Crypto Services
Bit2Me’s chief sales officer, Abel Peña, stated that large banks are scrambling to gain cryptocurrency exposure following the MiCA implementation. Notably, the new regulation allows banks to custody cryptocurrencies and offer them to customers.
Peña revealed that Garanti BBVA is one of the many banks that will debut the services imminently. He disclosed that Bit2Me is in discussions with more than 50 financial institutions in Europe and internationally willing to offer its users crypto spot trading.
Moreover, several European banks are already dabbling with cryptocurrency-related services. For instance, Germany’s Commerzbank announced in September that it would offer Bitcoin trading to its clients, joining Deutsche Bank, the largest bank in the country, which earlier forayed into the sector.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
