Garanti BBVA Crypto Readies to Launch Cryptocurrency Trading Services in Europe

Garanti BBVA's cryptocurrency platform, Garanti BBVA Kripto, is completing its preparations to provide cryptocurrency trading services in Europe. This initiative will be conducted in collaboration with the Spanish cryptocurrency exchange Bit2Me. The move by Garanti BBVA Kripto is considered a significant step towards the integration of cryptocurrency services into the mainstream banking sector in Europe.
Garanti BBVA (GARAN) is Turkey's fifth-largest bank, with an ownership stake of 86% held by Banco Bilbao Vizcaya Argentaria (BBVA). It is noted that BBVA entered the cryptocurrency sector early due to the flexibility of regulations in Turkey. The enforcement of the European Union’s Markets in Crypto-Assets (MiCA) regulation by December 30, 2024, has contributed to the acceleration of this initiative.
Bit2Me Collaboration and MiCA Impact
Bit2Me’s Sales Manager Abel Pena stated that MiCA provides the necessary regulatory framework for banks to offer cryptocurrency services across Europe. Pena predicted that many European banks would begin to offer cryptocurrency spot trading services to their customers in the first quarter of 2025. By providing services through Spain-based Bit2Me, Garanti BBVA Kripto positions itself as one of the pioneers in this process.
As of 2023, BBVA has an asset size of $857 billion and is the second-largest bank in Spain. Garanti BBVA Kripto is preparing to open its cryptocurrency trading services, which it initially piloted at the beginning of 2024, for general use.
Developments in the U.S. and Europe Strengthening Crypto
In the U.S., former President Donald Trump's crypto-friendly policies and the significant success of spot Bitcoin exchange-traded funds (ETFs) have increased global banks' interest in cryptocurrency services. The $35 billion inflow into Bitcoin ETFs within just one year has led to greater acceptance of crypto assets in the financial sector.
In Europe, financial giants like Deutsche Bank (DB) and Societe Generale (SOGN) are investing heavily in crypto technologies and tokenization projects. Deutsche Bank is developing solutions using ZKsync technology on the Ethereum network, while Societe Generale is preparing to launch its own euro stablecoin on the XRPL network.
A New Era Begins in the Crypto Sector
The initiative by Garanti BBVA Kripto is seen as a key milestone in incorporating cryptocurrency trading into the mainstream services of the European banking sector. The legal clarity brought by the MiCA regulation and the increasing global demand for cryptocurrencies are paving the way for such initiatives. This trend in Europe may further enhance the role of crypto assets in the financial system.