Garanti BBVA has announced that it is the first and only private bank to join Turkey’s digital asset blockchain network. The BiGA Digital Asset Transform Platform was developed by Istanbul Clearing, Settlement and Custody Bank (Takasbank), and was officially launched just before the New Year.
Digitizing Gold and Physical Assets on the Blockchain
Garanti BBVA carried out the first blockchain transfers of the cryptocurrency BiGA, with the other participating banks. These being state lenders Ziraat and Vakif, and three private and state participation banks.
One unit of BiGA represents one gram of gold, which is physically stored in the vaults of the Istanbul stock exchange. The platform allows digitized assets such as gold to be transferred in real-time, 24/7.
There are three key transactions: issuance, repayment and transfer. The…
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