The Turkish neobank Misyon will receive tools from Taurus, supported by Credit Suisse, to facilitate tokenization and digital asset custody services.
One of the first neobanks in Turkey, Misyon Bank is an investment banking company that is collaborating with Taurus, a Swiss cryptocurrency custody service, to tokenize digital assets.
For the purpose of implementing its technology and offering digital asset custody and tokenization services at Misyon Bank, the Turkish neobank and Taurus signed a partnership agreement.
Misyon disclosed to Cointelegraph on March 26 that the partnership is organized through its fully-owned subsidiary MisyonTech.
Misyon plans to implement several solutions created by Taurus, such as the blockchain node infrastructure Taurus Explorer, the tokenization tool Taurus Capital, and the custody platform Taurus Protect.
Major European banks, such as the massive Spanish financial services company Banco Santander and the international investment bank Credit Suisse, are well-known for using Taurus’ custody services. The latter led the company’s $65 million Series B fundraising in February 2023 and is also a significant Taurus investor.
CEO of Misyon Bank Önder Halisdemir claims that the collaboration with Taurus is a big step toward their goal of turning Turkey into the “Switzerland of its region.”
“Through tokenization, Turkish assets will be made available to investors globally through this collaboration,” stated Halisdemir. He also mentioned that Istanbul Technical University and KPMG will help build local solutions for digital assets. The executive said:
“Our efforts will make Turkey a center of excellence and attraction in its region regarding custody services and tokenization once the local regulatory framework for digital asset custody services is completed.”
The partnership between Misyon and Taurus does not specify whether the goal is to directly add cryptocurrencies like Bitcoin to the Misyon platform.
According to data from Chainalysis, Turkey has become one of the world’s leading crypto economies, ranking fourth in terms of total crypto transaction volume, or $170 billion in 2023. The United States, India, and the United Kingdom are all slightly ahead of the nation.
Misyon Bank and Taurus claim that the recently announced alliance creates the possibility of a surge in institutional activity in the area.
“We are confident that through this significant collaboration, Turkey could establish a prominent position within the region in digital asset custody and tokenization,” said Lamine Brahimi, co-founder of Taurus. “We have been impressed by Misyon and MisyonTech team of experts.”
