Turkish investment banking firm Misyon Bank, an early adopter of neobanking in the country, is delving into the realms of digital asset custody and tokenization through a strategic partnership with Swiss cryptocurrency custody provider Taurus.
In a significant move, Misyon Bank has inked a partnership agreement with Taurus to leverage its technology for offering cryptocurrency custody and tokenization services. Initially, the custody service will support leading cryptocurrencies such as Bitcoin, Ethereum, and Avalanche (AVA), with plans to expand coverage to include other significant cryptocurrencies in subsequent phases.
The collaboration, facilitated through Misyon's wholly-owned subsidiary MisyonTech, will see the deployment of various solutions developed by Taurus. These solutions encompass Taurus Protect, a custody platform, Taurus Capital for tokenization, and Taurus Explorer for blockchain node infrastructure.
Taurus, renowned for its custody services to major European banks like Santander and Credit Suisse, stands as a key partner in bolstering Misyon Bank's foray into the digital asset landscape. Credit Suisse, notably, has a vested interest in Taurus, leading the company's substantial Series B funding round in February 2023.
Misyon Bank's CEO Önder Halisdemir views the partnership as a pivotal move towards positioning Turkey as a regional hub akin to Switzerland, facilitating global investor access to Turkish assets through tokenization. Halisdemir emphasized collaboration with Istanbul Technical University and KPMG to design bespoke digital asset solutions, envisioning Turkey as a center of excellence for custody services and tokenization in the region upon the establishment of a robust local regulatory framework.
The partnership between Misyon Bank and Taurus signifies a significant stride towards fostering institutional activity in Turkey's burgeoning cryptocurrency landscape. Lamine Brahimi, co-founder of Taurus, expressed confidence in Misyon's adept team and envisioned Turkey's ascendancy in digital asset custody and tokenization within the regional sphere.
