Turkish Bank Introduces Crypto Wallet and Biometric Payments
The banking sector of Turkey experienced a significant change after Garanti BBVA Digital Assets introduced its mobile platform cryptocurrency wallet service.
Users of this app can now trade in Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC). This is the first time that the system has been made available to all customers as it was initially in beta before opening up for all following a successful trail period.
Garanti BBVA also introduces the Bonus Platinum Biometric Card, which relies on fingerprint scanners for secure transactions, besides crypto. It is another way of making payments at stores more convenient as well as being accessible through digital platforms or branch banks.
Garanti BBVA’s digital transformation journey includes introducing ‘Request Payment’ feature that makes account transfer more seamless. This step aims at optimizing digital transactions to suit growing customer expectations.
READ MORE: CBDC: Central Banks Ramp Up Digital Currency Exploration
Contrarily, other similar institutions such as the Evolve Bank and Trust have faced numerous challenges over regulatory concerns from the Federal Reserve while FlowBank an institution regulated by FINMA closed down highlighting risks faced by crypto-active banking establishments in Swiss.
Despite challenges within the industry, Garanti BBVA’s latest crytpo introduction illustrates a recent tendency among banks to merge digital currencies with stringent compliance measures.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
