Garanti BBVA, the 3rd largest bank in Turkey, owned by Spanish bank BBVA, launched the crypto wallet Garanti BBVA Crypto.
The app, which is also listed on the App Store, currently supports Bitcoin, Ethereum and USDC. Users can store these assets on the app. Garanti BBVA Crypto does not support buying and selling transactions yet.
Supported assets will be expanded
The bank also made an official statement about the crypto app and said:
“As Garanti BBVA Crypto, we continue our work with the vision of becoming a leading crypto asset service provider in Turkey. To begin with, we are offering a wallet service in which you can transfer your crypto assets and store them safely. We’ll continue our work for more.”
It was also stated that the number of supported assets will be increased in the near future.
Call center support
The wallet service also includes a call center support. Users can get support every day of the week between 8.30 and 17.30 local time on the line 444 0 365. A two-step registration is required to use the application. After the account is created, users are asked to verify their identity with their personal information.
Withdrawals will be charged
Garanti BBVA Crypto does not charge any fees for deposits but fees will have to be paid for withdrawals.
Withdrawal fees for supported assets are as follows:
- 0.0005 BTC for Bitcoin;
- 0.003 ETH for Ethereum;
- 12 USDC for USD Coin.
The bank will not be not charging any custody fee either.
The steps taken by Turkish banks towards the crypto industry have gained momentum recently. Before Garanti BBVA launched its crypto application, another big Turkish banking institution Akbank announced, it acquired the crypto trading platform Stablex yesterday.