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Turkey-based Misyon Bank set to offer crypto custody service

TL;DR

  • Turkey-based prominent investment banking firm Misyon Bank has announced a partnership with Taurus to offer crypto custody services.
  • Positioning Turkey as a hub for digital asset innovation.

Misyon Bank, a prominent investment banking firm and one of Turkey’s pioneering neobanks, has announced a strategic move into the realm of digital asset custody and tokenization through a partnership with Swiss cryptocurrency custody provider Taurus. The collaboration unveiled on March 26, marks a significant step for Misyon Bank as it ventures into the digital asset space.

Misyon inks partnership to offer crypto custody services

The agreement is structured under the firm’s subsidiary, MisyonTech, which will leverage Taurus’ cutting-edge technology to deliver digital asset custody and tokenization services. As part of this partnership, Misyon Bank plans to integrate several solutions developed by Taurus, including the robust custody platform Taurus Protect, the innovative tokenization tool Taurus Capital, and the reliable blockchain node infrastructure Taurus Explorer.

These solutions are renowned for their reliability and are already utilized by major European banks such as Banco Santander and Credit Suisse, with the latter being a significant investor in Taurus, leading a $65 million Series B funding round in February 2023. According to Misyon Bank’s CEO Önder Halisdemir, this collaboration with Taurus signifies a pivotal move towards positioning Turkey as the “Switzerland of its region” in terms of digital asset services.

Halisdemir emphasized that the partnership will enable Turkish assets to be globally accessible through tokenization, a process that converts real-world assets into digital tokens, thus opening up new avenues for investment and liquidity. The collaboration also involves local expertise, with contributions from Istanbul Technical University and KPMG to design tailored digital asset solutions.

Positioning Turkey as a hub for digital asset innovation

Halisdemir expressed confidence that with the development of a local regulatory framework for digital asset custody services, Turkey will emerge as a center of excellence and attraction for custody services and tokenization in its region. While specific details about the inclusion of cryptocurrencies like Bitcoin on the Misyon platform were not disclosed in the announcement, Turkey’s growing prominence in the crypto space cannot be overlooked.

The country has emerged as one of the top crypto economies globally, ranking fourth in terms of crypto transaction volumes, which amounted to $170 billion in 2023, as reported by Chainalysis. This highlights the significant opportunity for digital asset services in Turkey and the potential for Misyon Bank and Taurus to tap into this burgeoning market.

Both Misyon Bank and Taurus expressed optimism about the partnership’s potential to catalyze institutional activity in the region. Taurus co-founder Lamine Brahimi praised Misyon and MisyonTech’s expertise and expressed confidence that Turkey could establish a leading position in digital asset custody and tokenization within its region, signaling a new era of innovation and growth in Turkey’s financial landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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