Update March 27: The article has been revised to reflect that Misyon Bank and Taurus are collaborating to enable the custody of cryptocurrencies like Bitcoin and Ether in the initial phase of implementation.
Misyon Bank, a pioneering neobank in Turkey specializing in investment banking, is venturing into digital asset custody and tokenization through a partnership with Swiss cryptocurrency custody provider, Taurus. The collaboration aims to implement Taurus’ technology to offer crypto custody and tokenization services at Misyon Bank. Initially, the custody service will support Bitcoin (BTC), Ether (ETH), and Avalanche (AVA), with plans to include other cryptocurrencies in subsequent phases. In addition to crypto support, Misyon Bank will also offer tokenization services for real-world assets.
The partnership is structured through Misyon’s wholly-owned subsidiary, MisyonTech. The bank will utilize various solutions developed by Taurus, including the custody platform Taurus Protect, the tokenization tool Taurus Capital, and the blockchain node infrastructure Taurus Explorer. Taurus is renowned for its custody services, having provided them to major European banks such as Banco Santander and Credit Suisse, the latter of which is also a significant investor in Taurus.
According to Misyon Bank CEO Önder Halisdemir, the collaboration with Taurus is a significant milestone in their mission to position Turkey as the “Switzerland of its region.” Halisdemir emphasized that the partnership will enable global investors to access Turkish assets through tokenization. The bank plans to develop local solutions for digital assets in collaboration with Istanbul Technical University and KPMG.
While the article does not specify whether Misyon Bank will directly add cryptocurrencies like Bitcoin to its platform, the collaboration with Taurus is expected to pave the way for institutional activity in the region.
Turkey has emerged as a major player in the crypto economy, ranking fourth globally in terms of crypto transaction volumes in 2023, with $170 billion. This places Turkey just behind the United States, India, and the United Kingdom.
Misyon Bank and Taurus believe that their partnership will stimulate institutional involvement in the region. Taurus co-founder Lamine Brahimi expressed confidence in the collaboration, stating that Turkey has the potential to establish a prominent position in digital asset custody and tokenization within the region.
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