Overview

Garanti BBVA Kripto, a platform under the Turkish bank Garanti BBVA, is entering the cryptocurrency trading market. As of December 2023, BBVA owns around 86% of Garanti BBVA, making it a significant player in the Turkish banking sector.

Key Details

• Customers of Garanti BBVA will soon be able to buy and sell cryptocurrencies through the platform,
• Bit2Me, a Spanish crypto exchange founded in 2014, will provide trading services,
• The new Markets in Crypto-Assets (MiCA) regulation was fully implemented on Dec. 30, heralding new opportunities for banking institutions across the EU.

Insights from Industry Leaders

Abel Peña, the Chief Sales Officer at Bit2Me, stated, "I believe in 2025 we are going to see so many banks across Europe offering crypto spot trading to their users." He highlighted the strong interest from over 50 banks who are looking to launch services by early 2025.

BBVA’s total assets reached $857 billion in 2023, ranking it as the 43rd largest bank globally and second in Spain after Banco Santander. Although they began offering crypto trading services in Turkey earlier, it was limited to a pilot program until now.

Regulatory Landscape

The MiCA regulation has created a stable framework for crypto services, encouraging banks like BBVA to seek regulatory approvals for introducing crypto assets to their European clientele.

Peña explained, “As soon as they have the green light, they will start.” This comes after a notable increase in demand for cryptocurrencies from customers and investment institutions alike, driven by global interest and the success of initiatives like U.S. spot bitcoin exchange-traded funds.

Other Banks in the Space

BBVA is not alone in this venture; Deutsche Bank and Société Générale are also exploring cryptocurrency services and offerings, showcasing a trend among European financial institutions to embrace the digital currency space.