Blockchain Platform For Gold Trading Announced By Turkey’s Takasbank

Turkey-based bank Takasbank has unveiled a blockchain-based electronic platform for gold transactions.

Takasbank provides investment banking services. It offers clearing, settlement, and custody services, as well as treasury, valuation procedures, and monitoring solutions.

Dubbed BiGA, the new platform is designed to enable people to transfer physical gold stored at the Borsa Istanbul Stock Exchange via digitized gold units on a blockchain. The project was initiated in 2018 and was carried out within the framework of their internal resources and academic collaborations for a period of 1.5 years.

“The competence of the system was confirmed by the tests carried out jointly with Albaraka Türk, Garanti BBVA, Kuveyt Türk, Vakıfbank and Ziraat Bank, which are members of the Gold Transfer System,” the bank said in a press release.

According to the bank, while the units will have the same form and function as physically backed stablecoins, their value will be tied to the traded gold. Takasbank will reportedly provide users with a wallet to store the tokens, and BiGA, which is abbreviation of one gram gold (in Turkish), can eventually be used as an e-commerce payment option.

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