Capital markets News

Turkish neobank Misyon partners Taurus for crypto custody, tokenization

taurus misyon digital assets

Today, Switzerland’s Taurus announced it will provide its digital asset custody and tokenization technology to Misyon, the Turkish neobank launched a year ago. Taurus has several big-name clients, including Credit Agricole, Credit Suisse, and Deutsche Bank, the latter two of which are also investors.

“With the completion of the local regulatory framework for digital asset custody services, our efforts will make Türkiye a center of excellence and attraction in its region regarding custody services and tokenization,” said Dr. Önder Halisdemir, CEO of Misyon Bank.

Switzerland is known as a progressive digital asset hub in Europe, and Dr Halisdemir wants Turkey to have similar achievements in its region.

“With our collaboration with Taurus, we will be able to offer the long-awaited digital custody services to a diverse group of institutions, including banks, portfolio management companies, brokerage firms, fintechs, family offices, and central banks.”

Crypto-asset legislation is advancing in Turkey, with the Finance Minister recently saying the regulations are entering the final stage. 

Apart from progressing central bank digital currency (CBDC) trials, Turkey has several tokenization and cryptocurrency activities. While HSBC launched a gold tokenization initiative in late 2023, Turkey’s Takasbank launched Biga Gold in 2019. Turkish banking group Garanti BBVA launched Garanti BBVA Digital Assets last year. Plus, payments firm Colendi acquired enterprise blockchain firm SETL in 2022.