📰 Table Of Contents
Turkey’s Misyon Bank Partners with Taurus for Digital Asset Custody and Tokenization
Turkey’s Misyon Bank has announced a strategic partnership with Swiss firm Taurus to enhance its digital asset custody and tokenization capabilities. The neobank, founded just a year ago, aims to establish Turkey as a leading hub for custody services and tokenization.
Misyon Bank’s Digital Custody Services Offering
The collaboration with Taurus enables Misyon Bank to provide digital custody services to a wide range of institutions, including banks, portfolio management companies, brokerage firms, fintechs, family offices, and central banks.
Dr. Önder Halisdemir, CEO of Misyon Bank, expressed the bank’s vision to position Turkey as the Switzerland of its region through this strategic initiative.
With the recent completion of Turkey’s local regulatory framework for digital asset custody services, Misyon Bank aims to attract institutions within the region seeking custody services and tokenization solutions.
Advancements in Turkey’s Crypto-Asset Landscape
Turkey has been proactive in developing crypto-asset regulations, with the Finance Minister indicating that the regulatory framework is in its final stages. The country has also witnessed significant developments in central bank digital currency (CBDC) trials and various tokenization and cryptocurrency projects.
Notable initiatives in Turkey include HSBC’s gold tokenization project, Takasbank’s introduction of Biga Gold, Garanti BBVA’s launch of Garanti BBVA Digital Assets, and Colendi’s acquisition of SETL.
Rise of Tokenized Funds
According to a report by Moody’s, the value of tokenized funds has surged from $100 million at the beginning of 2023 to approximately $800 million. This growth is attributed to the increasing tokenization of U.S. treasuries.
The report highlights the expansion of tokenization across public and private blockchains, with examples such as Franklin Templeton’s U.S. Government Money Fund, Backed Finance’s tokenized short-term U.S. treasury bond ETF, and UBS Asset Management’s tokenized money market fund on the Ethereum blockchain.
Moody’s emphasizes that tokenizing money market funds offers the potential to combine stability with the technological benefits of stablecoins.
Recently, Singapore-based fintech company DigiFT announced the launch of US Treasury bill depository receipt (DR) tokens, allowing investors to gain fractional ownership in US Treasury bills without significant upfront capital.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
