- Taurus, a cryptocurrency custody firm with clients like Deutsche Bank and State Street, has expanded into Turkey through a partnership with BankPozitif.
- This marks the first time a Turkish bank has implemented institutional-grade digital asset infrastructure.
- Turkey presents an attractive market for crypto services due to high adoption rates driven by economic challenges and double-digit inflation.
Institutional cryptocurrency custody provider Taurus has officially entered the Turkish market through a new partnership with Istanbul-based BankPozitif, marking the first implementation of institutional-grade digital asset infrastructure by a Turkish banking institution.
The Swiss-based custody firm, which counts major financial institutions like Deutsche Bank and State Street among its global clientele, announced the expansion on Tuesday through an emailed statement.
Under the partnership, BankPozitif will implement Taurus’ flagship custody solution alongside its “EXPLORER” service, which provides blockchain node and indexing infrastructure. This technology stack will enable the Turkish bank to connect directly to both public and permissioned blockchain networks.
Lamine Brahmi, co-founder of Taurus, expressed optimism about the company’s Turkish market entry, citing the country’s favorable conditions for digital asset banking.
“High adoption rates, increasing institutional interest, and constructive regulatory frameworks” make Turkey an exciting market for cryptocurrency services, according to Brahmi.
The expansion comes against a backdrop of significant crypto adoption in Turkey, where citizens have increasingly turned to digital assets as a financial safeguard. Economic challenges, particularly persistent double-digit inflation, have accelerated cryptocurrency usage among Turks seeking alternatives to the national currency.
This development follows Taurus’ previous strategic expansion initiatives, including its partnership with Temenos that aimed to bring crypto wallet capabilities to thousands of banking institutions worldwide.
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