Turkish Neobank Misyon Bank Partners with Taurus for Digital Asset Custody and Tokenization Services
Summary:
Misyon Bank, a Turkish investment banking firm, is partnering with Swiss cryptocurrency custody provider Taurus to offer digital asset custody and tokenization services. The collaboration, facilitated by Misyon's subsidiary MisyonTech, will involve implementation of multiple Taurus-developed solutions. Misyon Bank CEO Önder Halisdemir sees the partnership as a crucial step towards turning Turkey into a prominent hub for digital asset management in its region. However, it's unclear whether the deal includes adding cryptocurrencies like Bitcoin directly to the Misyon platform.
Misyon Bank, a trailblazer in investment banking and neobanking in Turkey, is branching into the realm of digital asset custody and tokenization, forging a partnership with Swiss-based cryptocurrency custody provider, Taurus. The Turkish firm has inked an agreement with Taurus to adopt its patented technology, enabling Misyon Bank to offer digital asset custody and tokenization services.
The disclosure, made to Cointelegraph on March 26, revealed MisyonTech, a wholly held subsidiary of Misyon, to be the conduit for this joint venture. The collaboration involves Misyon introducing a range of solutions developed by Taurus, including its custody platform – Taurus Protect, the tokenization tool – Taurus Capital, and the blockchain node infrastructure – Taurus Explorer.
Taurus has earned its reputation by offering its custody service to Europe's leading banks, among them Banco Santander, Spain's financial behemoth, and Credit Suisse, the international investment bank and key investor in Taurus, leading a Series B fundraising round that raised $65 million in February 2023.
CEO of Misyon Bank, Önder Halisdemir, has hailed the alliance with Taurus as instrumental in the achievement of Turkey’s ambition to become the “Switzerland of its region". He anticipates that the partnership will promote the accessibility of Turkish assets to global investors through tokenization, with unique digital asset solutions being developed with the support of Istanbul Technical University and KPMG. Halisdemir foresees the completion of a local regulatory framework for digital asset custody services, positioning Turkey as a hub of excellence and an appealing proposition within its region in relation to custody services and tokenization.
Although it remains unclear if the collaboration includes adding cryptocurrencies such as Bitcoin (BTC) directly to the Misyon platform, Cointelegraph requested a comment regarding this aspect of the venture from the firms, but had not received a reply by the time of the publication.
Related: OKX announces launch of Turkish platformTurkey has surfaced as a significant player in the world of cryptocurrency, positioning itself fourth in the ranking of crypto transaction volumes, which stood at $170 billion in 2023 according to Chainalysis data, following the US, India and the UK.
The partnership between Misyon Bank and Taurus seemingly paves the way for voluminous institutional activity within the region. Taurus co-founder, Lamine Brahimi, expressed confidence in the team of experts at Misyon and MisyonTech and anticipates that the significant collaboration could furnish Turkey with a preeminent position in digital asset custody and tokenization across the region.
Magazine: Asia Express: $383M for HK crypto hub, APAC exchanges expand, Digital Yuan bridge.
Published At
3/26/2024 2:22:32 PM
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