The first bank to use blockchain technology to transfer fund in Turkey, Akbank, has today announced the initiation of Great Britain Pound (GBP) transfer with the use of Ripple blockchain technology.

Established in the year 1948, the Istanbul based banked with over 2.5 Billion Dollars Revenue (₺ 13.7 billion) in 2017, released the latest development to service its users across the world after cooperating with Ripple for remittance service later year.

In an acknowledgement statement, the Executive Vice President in charge of Direct Banking, Tolga Ulutaş, in the release aired the company’s satisfaction to become the first bank to kick start international fund transfer with the use blockchain technology.

“We started to take the first seeds of this industry-leading practice last year. Now we have started to transfer the GBP money to the Santander UK via Ripple Blockchain infrastructure”, Ulutaş said.

Ulutaş further proclaimed that the progress will assist its customers to transfer money internationally with meager cost.

“With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks”, Ulutaş added.

While eulogizing blockchain technology, the VP in a statement previously regarded the technology as an open network that exempts the inclusion of intermediary and at the same time offers a database where records are free from alteration.

With the latest development, there is more hope that Ripple’s XRP will lead the market recovery.

About Akbank

Akbank is one of deep-rooted banks in Turkey and it was ranked “The Most Valuable Banking Brand in Turkey” by a report – “Brand Finance Banking 500, 2018”, for the seventh time in a row.

In another report, the Turkey based bank was also rated 126th amongst the most valuable banking brand in the world.