Mission Bank Partners with Avalanche
Foreks - Misyon Bank has launched Turkey's first tokenization-enabled and bank-secured cryptocurrency asset platform through its subsidiary, MisyonTech. All cryptocurrency trading and production transactions on the platform will take place in collaboration with the global crypto giant Avalanche.
Avalanche, a high-performance blockchain network designed for scalability, has further demonstrated Misyon Bank's confidence in digital asset technologies through its collaboration on the crypto platform. In recent months, Misyon Bank's first pilot project for the tokenization of Turkish Eurobonds also occurred on the Avalanche blockchain network.
Avalanche, regarded as one of the most trusted networks by global crypto investors, enables the Misyon crypto platform to stand out with speed, security, and advantageous transaction costs.
“Misyon Bank General Manager Dr. Önder Halisdemir stated, “This step, which is a product of the capacity we have developed in the field of tokenization and crypto assets over the past two years, supports our goals of making our country an attraction center for international investors and becoming a technology hub for digital assets in the region. We can offer a ready-made infrastructure that will save at least 1.5 years for countries and regional institutions that want to make progress in this area. Our aim is to position our country, which is the 3rd largest crypto market in the world based on transaction volume, as the regional leader in digital assets.”
Halisdemir also provided insights regarding the custody infrastructure of the crypto platform, stating, “We have localized the Swiss technology preferred by State Street, a global investment bank managing assets worth $40 trillion, and strengthened it with expert teams through the 1773 ITU Teknopark Technology Transfer Office (TTO). Our integrated custody technology on the platform is unique and singular in the region.”
“Ava Labs Founding CEO Dr. Emin Gün Sirer commented, “Turkey has the potential to meet the region's growing interest in crypto assets with its rapidly developing ecosystem in digital asset technologies, strategic location, and skilled workforce. Misyon Bank is a strong partner in our goal of expanding within the regional ecosystem.”
What Can Be Done on the Platform? In addition to widely-used cryptocurrencies around the world, tokens produced in Turkey can be easily bought and sold through the platform.
Investors will be able to execute transactions by connecting their TL accounts at any bank or directly to their crypto wallets.
The crypto assets in investors' wallets will be securely safeguarded on the systems established by Misyon Bank, which is listed as a “Custodian Crypto Service Provider” in the list published by the Capital Markets Board (CMB).
Institutions will be able to produce and launch tokens with specified features in accordance with the licenses and regulations set by the CMB on the platform.