Copy link
Increase text size
Decrease text size
Link copied

Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform

Image:BBVA

Fri, 17 Jan 2020, 04:21 am UTC

Garanti BBVA, a Turkey-based financial services company and a subsidiary of Spanish banking giant BBVA, has announced that it is joining Turkey’s blockchain network, the BiGA Digital Asset Transform Platform.

According to a press release, BBVA is the only Turkish private bank to participate in the blockchain platform that was developed by Istanbul Clearing, Settlement and Custody Bank (Takasbank). It’s also the first time for the bank to carry out blockchain transfers in real-time with other participating banks.

The transaction involved transferring cryptocurrency "BiGA" using blockchain technology. BiGA is equivalent to 1 gram of gold, stored in vaults at the Istanbul Stock Exchange.

The BiGA platform is a physically-backed blockchain-based new generation transfer system. By leveraging blockchain technology, it allows gold—converted into digital assets—to be transferred among individuals with no time restrictions.

The platform allows export, amortization, and transfer of digital assets. The BiGA blockchain platform and gold transfer system also feature integration, reconciliation, monitoring and reporting capabilities, the release said.

The BiGA Project makes the whole process safe and secure. The transfer operation on the blockchain network will be validated by the validators without disclosing the transfer amount. Also, all the transfers are trackable by regulatory authorities.

Meanwhile, Spanish payment service company Iberpay confirmed in December that they have commenced a proof-of-concept (PoC) for a blockchain-based smart payment. It worked with five banks which include Banco Sabadell, Banco Santander, Bankia, CaixaBank and BBVA. The PoC started in October and will last for six months.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,883.78 (+0.87%)
  • Ethereum (ETH) $232.92 (+2.06%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $327.75 (+2.75%)
  • Bitcoin SV (BSV) $232.56 (+3.43%)
  • Bitcoin (BTC) $8,883.78 (+0.87%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft