Garanti BBVA Financial Technologies, a subsidiary of Turkey-based Garanti BBVA, has announced the launch of a digital asset company. As part of its efforts to help digitise the Turkish banking sector, Garanti BBVA has unveiled Garanti BBVA Digital Assets, which is the inaugural endeavour of its subsidiary, Garanti BBVA Financial Technologies.

The company is commencing its operations with an ongoing pilot program and will primarily focus on providing services for the transfer and safekeeping of bitcoin and ether in the crypto assets market. In a parallel development, BBVA Switzerland has launched its bitcoin trading service to cater to its entire private banking clientele, following a successful six-month testing phase involving a select group of users. This initiative marks the first foray into crypto-asset trading and custody services for BBVA Switzerland's private banking customers.

BBVA officials highlighted the company’s ultimate goal to democratise opportunities for all, centred on their customers' authentic requirements. Acknowledging customers’ interest in digital assets, the company decided to put together a proficient team that will be tasked with creating cutting-edge blockchain technologies. The same representatives further emphasised the significance of trust in crypto transactions and secure storage, as demonstrated by their research findings.

They also introduced Crypto Custody Wallet, an app that has gone live in its beta version, extending custody services for BTC and Ether initially and promising future expansion with a range of novel products and services. Cryptocurrency ownership in Turkey According to Binance citing a study by GWI research, Turkey has emerged as the front-runner in the race for the highest increase in cryptocurrency ownership between 2021 and 2022. The country witnessed a surge of 27.1% in cryptocurrency ownership from July to September 2021 to the same period in 2022.

The research in question encompassed individuals aged between 16 and 64, exploring their possession of various forms of cryptocurrencies. Notably, Argentina and the Philippines secured second and third places, respectively, experiencing substantial gains in cryptocurrency ownership rates. Argentina recorded a commendable increase of 23.5%, closely followed by the Philippines with a notable rise of 23.4%.

The study analysed data from 15 countries and also presented the global average for cryptocurrency ownership, which clocked in at an impressive 11.9% growth during the same period. .