Misyon Bank, a neo-bank and investment banking firm in Turkey, is collaborating with Taurus, a Swiss cryptocurrency custody provider, to venture into digital asset custody and tokenization.
To furnish digital asset custody and tokenization services at Misyon Bank, the Turkish neobank and Taurus entered into a partnership agreement to implement Taurus’s technology.
Misyon disclosed the collaboration’s framework via its wholly-owned subsidiary MisyonTech when it informed Cointelegraph of the development on March 26.
Misyon intends to implement several solutions developed by Taurus, including the blockchain node infrastructure Taurus Explorer, the custody platform Taurus Protect, and the tokenization tool Taurus Capital.
Major European institutions have used Taurus’ custody services, including the Spanish financial services giant Banco Santander and the global investment bank Credit Suisse. Additionally, the latter is a significant Taurus investor, having spearheaded the firm’s $65 million Series B raise in February 2023.
According to Misyon Bank CEO Onder Halisdemir, the partnership with Taurus is essential to transforming Turkey into the “Switzerland of its region.”
Halisdemir remarked, “Through tokenization, Turkish assets will become accessible to investors worldwide due to this collaboration.” He further stated that Istanbul Technical University and KPMG will collaborate to develop localized solutions for digital assets. The CEO declared:
“With the completion of the local regulatory framework for digital asset custody services, our efforts will make Turkey a center of excellence and attraction in its region regarding custody services and tokenization.”
The collaboration between Taurus and Misyon did not specify whether the intention is to incorporate cryptocurrencies such as Bitcoin into the Misyon platform directly.
Turkey has emerged as one of the world’s leading crypto economies, rating fourth in 2023, or $170 billion, in terms of crypto transaction volumes, according to Chainalysis data. The nation ranks marginally lower than the United States, India, and the United Kingdom.
The partnership, as recently formalized by Misyon Bank and Taurus, potentially facilitates a surge in institutional engagement within the area.
“The expertise of the Misyon and MisyonTech teams has greatly impressed us,” said Lamine Brahimi, co-founder of Taurus. “We are confident that Turkey can establish a prominent position in the region regarding digital asset custody and tokenization through this significant collaboration.”
