Earlier this week, Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) launched its digital gold trading platform based on blockchain technology. Dubbed as BiGA Digital Gold, the digital asset is fully backed by physical gold reserves with the Borsa Istanbul.
Takasbank is a subsidiary of Borsa Istanbul and acts as a central counterparty for clearing and settlement for Turkey’s stock exchange. In turn, Turkey Wealth Fund, the government-owned sovereign wealth fund owns 90% of Borsa Istanbul.
The Digital Asset Transfer Platform will enable trading of the gold-backed tokens called
BiGA, each unit representing one gram of gold in Borsa Istanbul’s vaults. The platform provides services such as issuance of new tokens when gold is deposited, redemption of tokens to gold, transfer of tokens between participants and reconciliation of transactions. Additionally, the system enables around the clock peer-to-peer trading of digital gold.
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