Turkey’s Second-largest Private Bank Garanti BBVA Partners with Ripple Labs and IBM to Enhance Its Digital Assets Platform

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As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find the recent collaboration between Garanti BBVA, Ripple Labs, and IBM to be an exciting development that could potentially reshape the crypto market. Having closely followed the legal battles between Ripple and the SEC, it’s intriguing to see how this strategic partnership might impact XRP in the short term.

To foster widespread adoption of digital assets and Web3 products in a sustainable manner, Turkey’s second-largest private bank, Garanti BBVA, has revealed plans for a strategic partnership with Ripple Labs and IBM Corporation (NYSE: IBM). This partnership, as stated in the announcement, will see Ripple’s subsidiary, Ripple Custody, and IBM working together to help the bank develop, implement, and manage secure institutional-grade key management infrastructure.

To expand, these firms are recognized for their comprehensive protection of application data’s security. Significantly, Garanti BBVA completed a thriving trial run in 2023 and now stands prepared to provide cryptocurrency services to all its clients.

The crypto platform named Garanti BBVA Digital Assets, established a year ago, has amassed over 14,000 users. Through this strategic partnership, Garanti BBVA Digital Assets will effortlessly provide services for Bitcoin (BTC), Ethereum (ETH), Circle’s USDC, Avalanche (AVAX), Chiliz (CHZ), XRP, and Solana (SOL), along with several other digital assets.

…”The growing number of our clients choosing to move and secure their cryptocurrencies is rising daily. We plan to expand further by broadening our asset options and enhancing our service framework. Our partnerships with Ripple and IBM provide us assurance of high-grade custody systems, ensuring safety, strong governance, and compliant operations,” stated Korcan Abalı, CEO and Board Member at Garanti BBVA Crypto.

Impact of the Garanti BBVA’s Partnership with Ripple on XRP Market

The collaboration between Garanti BBVA, Ripple Labs, and IBM could significantly influence the XRP market over the short term, particularly given Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the sale of XRP in a recently appealed lawsuit.

Significantly, Ripple is persistently expanding and enhancing its XRP Ledger platform to accommodate a wide range of web3 initiatives, such as tokenizing real-world assets and implementing multi-chain smart contracts.

Furthermore, Ripple is actively deploying its stablecoin, known as RLUSD, which serves to enhance XRP’s functionality in international transactions involving fiat currencies.

Currently, XRP’s market is experiencing tough rivalry with other cryptocurrency initiatives like Stellar Lumens (XLM), which has somewhat stifled the bullish drive for XRP prices. Surprisingly, this occurs even as Bitcoin leads a broader positive trend in the crypto market.

Based on recent market figures, XRP’s price declined by over 10% over the past four weeks and was trading around $0.52 during the early trading hours in New York on Wednesday, October 23.

This high-valued cryptocurrency, worth approximately $52 billion even when all potential shares are considered, and frequently exchanged for roughly $1.2 billion each day, has experienced substantial growth due to increased acceptance beyond U.S. borders.

Looking at its technical aspects, the price of XRP is temporarily resting at the peak of a larger triangle formation that started back in 2018.

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2024-10-23 14:47