Turkish Banks Switch on Digital Gold Transfer Network

Turkish Banks Switch on Digital Gold Transfer Network
17.01.2020 05:24 am

Turkish Banks Switch on Digital Gold Transfer Network


Turkish banks have begun the transfer of a cryptocurrency representing physical units of gold via a blockchain platform developed by Istanbul Clearing, Settlement and Custody Bank (Takasban).

The private cryptocurrency, dubbed BiGA, represent the equivalent of one gram of gold stored in the vaults of the Istanbul Sotck Exchange.

The BiGA blockchain platform and gold transfer system caters for the export, amortization and transfer of digital assets, and also feature integration, reconciliation, monitoring and reporting capabilities.

Bank participating in the project, and transferring BiGA units in real-time across the network, include state lenders Ziraat and Vakif, Garanti BBVA, Albaraka Turk, Kuveyt Turk, and Ziraat.

Futures iterations will see the systems extended to end-users via mobile wallet applications that will be provided by the banks participating in the project.

Related News

Huobi announces the establishment of Huobi DeFi Labs

Huobi Group, the world leading Blockchain Company has announced the establishment of Huobi DeFi Labs.

Huobi DeFi Labs is the platform for DeFi (... Read more »

Diginex launches EQUOS.io becoming the first digital asset exchange listed in the United States

Diginex announced the public launch of its digital asset exchange EQUOS.io, built to institutional-grade specifications and designed to improve the experience... Read more »

Bitfinex launches Pulse on mobile

Bitfinex, a state-of-the-art digital asset trading platform, has launched Bitfinex Pulse on mobile, enabling the exchange’s growing user base to obtain market-... Read more »

Expert Insights on the Asian Crypto Market amidst pandemic

The first virtual edition of Trescon’s World Blockchain Summit (WBS) digitally connected ove... Read more »

Mastercard accelerates crypto card partner program, making it easier for consumers to hold and activate cryptocurrencies

Consumer interest and investment in digital currencies are growing, with research showing that up to 20 percent of the population of some countries are holding... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel