March 28, 2024

Istanbul Takasbank will use blockchain for gold trading

Istanbul Takasbank will use blockchain for gold trading

Takasbank, Istanbul's Largest Clearing and Depository Bank, Announces CompletionBiGa research project using blockchain technology to trade in physical gold.

Takasbank gold will be stored in Istanbulstock exchange. Each unit of digitized transferred gold will be called BiGa, which is equivalent to one gram of gold and its value is tied to physical gold.

It took 1.5 years to implement the project, after whichPilot tests were conducted with gold transfer system participants Albaraka Türk, Garanti BBVA, Kuveyt Türk, Vakıfbank and Ziraat Bank. The press release highlights the transparency of the exchange platform, which is designed in such a way that all transactions can be monitored by an external third party, which sets it apart from existing traditional platforms. The bank will provide people with an e-wallet that can eventually be used to trade using BiGa.

We present to the public the BiGA project prepared by our bank, which can be considered an important milestone in the field of transfer systems and financial transformations, – says the press release.

Previously, Takasbank, in cooperation with the Turkishstock exchange has developed a customer base based on blockchain. In fact, the Turkish government considers blockchain to be an important factor in determining the sustainability of the Turkish economy from 2019 to 2023