The Taka Bank of Turkey will focus in the future on the Blockchain. The technology that helped Bitcoin to glory, should serve to digitize Gold. Thus, the gold trade for Turkish customers 24/7 is possible.
By Phillip Horch
10. September 2019BTC$to 10,186,85 -1.71%part Facebook Twitter LinkedIn xing mail
strengthen The connection between Gold and the Blockchain seems to be. So the Blockchain-companies Paxos announced recently that it wants to, in the future, a gold-roofed Stable Coin out. The “stable-coin” from Paxos to guarantee a 1-to-1 cover by Gold and is intended to facilitate the trading of the precious metal by the digitization.
Taka Bank relies on the Tokenization of Gold
Now the Turkish Clearing Bank Taka Bank a rise in the gold trade. According to an official communication, the company is launching a blockchain-based platform for the gold trade. Under the name BiGA Digital Gold, it is to be customers in the future is possible, tokenized units of Gold to trade. Covered, the tokens are according to the company, by the Borsa Istanbul, the only Turkish exchange for trading with securities.
advantages of the Gold tokens
The advantage of the digitization promises of the physical gold, is its availability. Customers can act accordingly, according to the Bangladesh Bank 24 hours every day of the week Gold. A further advantage of the Taka Bank promises to customers, is the arbitrary divisibility of gold. As in the case of token real estate you can buy now any small pieces of Gold.
The Partner of the Taka Bank
As can be seen in the communication, launched the project of the Bangladesh Bank in the year 2018. Since then, the Bank worked together with various partners, to test the System. These include Albaraka Turk and Garanti-BBVA, Kurveyt Türk, Vakifbank and Ziraat Bank; all part of the Gold-Transfer system of the Bangladesh Bank.
Turkish banking sets on the JP Morgan technology
The Blockchain, the System of the Taka Bank-oriented, Quorum of J. P. Morgan. This is a private Blockchain, unlike Bitcoin Blockchain, not everyone has access. The U.S. Bank relies on a Protocol with a focus on privacy. The Zether Protocol promises a higher level of security. It is, however, computation – and cost-intensive.
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