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Turkey's Takasbank reveals blockchain platform to transfer gold

Image Credit: www.forex.com

Mon, 09 Sep 2019, 04:44 am UTC

Turkey’s Istanbul Clearing, Settlement, and Custody Bank (Takasbank) revealed on Friday a physically-backed, blockchain-based electronic platform for trading gold, dubbed as BiGA.

As per the bank’s announcement, the project aims to enable people to transfer physical gold stored at the Borsa Istanbul Stock Exchange via digitized gold units on a blockchain.

The bank underscored that transactions conducted on the BiGA platform will be confidential while also stating that the process can be overseen by authorities.

Although the units will have the same form and function as physically backed stablecoins, their value will be tied to the traded goal. The bank will provide users with a wallet to store the tokens, and BiGA can eventually be used as an e-commerce payment option. Notably, the word “BiGA” is the Turkish abbreviation for one gram of gold.

Takasbank revealed that the project, which was initiated in 2018, has successfully completed pilots with several financial firms and banks, such as Turkey’s second-biggest bank Ziraat Bankasi, VakıfBank, Albaraka Turk, Garanti BBVA and Kuveyt Turk.

Earlier this week, New York-based stablecoin operator Paxos Trust Company has launched PAX Gold (PAXG), a gold-backed Ethereum token, with approval from the New York State Department of Finance Services. The company claimed it is the “first crypto-asset redeemable for physical gold.” One PAXG token will be supported by one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London.

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