September 22, 2020

Istanbul Takasbank will use blockchain for gold trading

Istanbul Takasbank will use blockchain for gold trading

Takasbank, Istanbul's largest clearing and depositary bank, announced completion BiGa 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.

The project took 1.5 years, after whichpilot tests were conducted with participants in the gold transfer system Albaraka Türk, Garanti BBVA, Kuveyt Türk, Vakıfbank and Ziraat Bank. The press release emphasizes the transparency of the exchange platform, which is designed in such a way that an external third party can track all operations, which distinguishes it from existing traditional platforms. The bank will provide people with an electronic wallet that can ultimately 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 the transfer system and financial transformations, the press release says.

Earlier Takasbank in cooperation with TurkishThe stock exchange has developed a blockchain-based customer base. In fact, the Turkish government considers blockchain an important factor in determining the stability of the Turkish economy from 2019 to 2023.