When one of Turkey’s largest banks launches a standalone crypto subsidiary, it sends a clear signal: digital assets are moving from the fringe into the core of financial services. That’s exactly what Garanti BBVA, Turkey’s second-largest private bank, did with the launch of Garanti BBVA Kripto in 2023 – a fully regulated platform purpose-built to meet the growing demand for digital asset trading and custody. Since its inception, the platform has steadily expanded its reach, serving both retail and institutional clients.
With new regulatory frameworks creating clearer guardrails for participation and client appetite continuing to rise, Garanti BBVA Kripto was conceived to deliver a secure, scalable, and compliant crypto trading experience. To power its infrastructure, the bank selected Wyden’s institutional digital asset trading platform, alongside other leading digital asset service providers, including Ripple Custody and Bitstamp, creating an integrated solution aligned with the standards of traditional finance.
Strategic rationale: Why Garanti entered the crypto market
Garanti’s decision to establish a dedicated digital asset business was driven by several interconnected strategic factors. First and foremost, the bank had observed strong and rising demand from its client base. With more than 27 million customers, Garanti is well positioned to recognize such trends early. Clients were increasingly looking for safe and regulated ways to access digital assets, particularly for custody and fiat conversion.
Turkey’s macroeconomic environment has also been a significant factor driving the growing appetite for crypto. Amid persistent inflation and ongoing pressure on the Turkish lira, both individuals and institutions are seeking alternative stores of value. Cryptocurrencies, and particularly stablecoins, have become increasingly attractive as part of this shift in investor behavior.
A third key factor was regulatory clarity. Turkey’s progressive stance on digital asset legislation provided banks with the confidence to enter the space, laying out a clearly defined set of rules and expectations. Garanti BBVA’s strong digital innovation track record made it a natural first mover among traditional financial institutions, extending its leadership in digital finance to a new asset class.
Garanti BBVA Kripto’s ambition is to set the benchmark for crypto services in Turkey – delivering a trusted, high-quality offering that leads the market not only in growth, but in compliance and risk governance.
Tackling the challenges of institutional digital asset infrastructure
Despite the sector growth and opportunity, launching digital asset services within a traditional bank structure remains complex. One of the main challenges Garanti faced was the fragmentation that exists across the digital asset value chain. Custody, liquidity, and trading are often delivered by separate providers, and bringing these systems together in a compliant, efficient way can be operationally complex.
Furthermore, in the face of growing user demand, the solution needed to be built for scale – capable of handling larger volumes, a broader range of assets, and more sophisticated trading flows without compromising stability or performance.
Why Garanti BBVA Kripto chose Wyden
Garanti BBVA Kripto selected Wyden as a core infrastructure partner to orchestrate and integrate its trading operations. Wyden’s flagship platform, Wyden Infinity, stood out for its modular architecture, institutional performance, and ability to integrate smoothly with both in-house systems and external partners.
Wyden enables Garanti to offer high-performance trading using a range of liquidity sources to enable optimal price discovery and ensure best execution at all times. Through Wyden, Garanti BBVA Kripto can access on-demand liquidity from preferred providers and support trading across crypto pairs denominated in Turkish lira, US dollars, and between cryptocurrencies. Smart liquidity management and advanced Smart Order Routing are built in, so the platform automatically routes orders using the optimal path.
Wyden Infinity also supports advanced trading features, delivering a seamless liquid trading experience for cryptocurrencies paired with Turkish lira. In addition, Wyden provides real-time risk management tools that allow Garanti to dynamically hedge both crypto and FX exposures.
Onur Güven, CEO at Garanti BBVA Kripto stated: “As we build out our efficient, scalable, and compliant crypto trading offering for our retail and corporate clients, Wyden’s advanced technology gives us the flexibility and confidence to operate and scale in this emerging segment – while always staying closely aligned with our regulatory and risk management priorities. As Garanti BBVA Kripto we are going to constantly build towards the needs of crypto users and the industry.”
Results: High-performance platform for the entire trading lifecycle
Since going live, Garanti BBVA Kripto has seen several strategic benefits. Clients enjoy a superior trading experience, with best execution on trades through on-demand liquidity delivered through a mix of preferred liquidity sources. The platform has allowed the bank to maximize revenue while reducing friction and to ensure that execution quality is maintained even in volatile market conditions.
Risk management has also become more robust. Comprehensive risk management tools help Garanti BBVA Kripto maintain stability even in highly volatile market conditions – especially critical in a market like crypto, where price and depth of liquidity can change rapidly.
Looking ahead
With its infrastructure now in place, Garanti BBVA Kripto is able to focus on expanding its digital asset offering. The Wyden platform is designed for long-term growth, and its flexible architecture makes it possible to evolve quickly as the regulatory and market landscape continues to develop.
Garanti BBVA Kripto’s launch marks a major milestone in the institutional adoption of digital assets in Turkey. It also offers a powerful example of how traditional financial institutions can partner with digital asset infrastructure providers to enter new markets quickly, securely, and at scale. With Wyden as a core partner, Garanti has combined the stability and trust of a major bank with the innovation and agility of digital-native infrastructure, delivering a next-generation trading experience for the digital asset era.
If you’d like to learn more about how your institution can launch a compliant, performant digital asset offering or see a demo of Wyden Infinity, contact us today.