MisyonTech, a subsidiary of the Turkish neobank Misyon, has entered into an agreement with the Swiss cryptocurrency platform Taurus for the custody and tokenization of digital assets. Misyon plans to utilize several solutions: the custodial platform Taurus Protect, the asset tokenization tool Taurus Capital, and the blockchain infrastructure Taurus Explorer. Taurus platform already provides custodial services to major European banks, including Spanish Santander and Swiss Credit Suisse. The latter is a significant investor in Taurus, having participated in a $65 million Series B financing round in February 2023. Misyon Bank’s CEO Önder Halisdemir believes that the partnership will make Turkey a “sort of Switzerland.” Thanks to tokenization, Turkish assets will become accessible to investors worldwide, according to the banker.
The solutions for digital assets currently utilized by Misyon were developed with the involvement of Istanbul Technical University and consulting company KPMG. In the fall, Turkish authorities announced plans to develop cryptocurrency regulation rules by the end of 2024. Misyon Bank’s management expects the emergence of a regulatory framework that will allow for the provision of digital asset custody services.
According to Chainalysis data, Turkey has become one of the leading countries in terms of cryptocurrency transactions volume. According to last year’s report from the KuCoin cryptocurrency exchange, 52% of Turkey’s residents invest in cryptocurrencies due to the devaluation of the national currency and inflation.