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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.

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