Takasbank Put into Service with Blockchain Based Transfer Platform "BİGA-Digital Gold"

PRESS RELEASE

BiGA
The Digital Asset Transfer Platform

Providing key services such as clearing, collateral and risk management as well as central counterparty service for Turkish capital and financial markets and incorporating important features such as providing qualified central counterparty, payment systems, banking and research and development centers as a financial infrastructure institution, Takasbank carries out studies on the blockchain technology which is becoming more and more important recently.

As a member of Borsa İstanbul Group, we feel both proud and pleased to add one more indigenous and national application to Turkish economy. Based on the physical gold and enabling gold, that can be turned into a digital asset, to be transferred to anyone anytime thanks to the blockchain technology, “BiGA  Digital Gold”, is the first product of our works on the blockchain technology.

We focused on digitalizing the physical underlying assets in order to enable blockchain technology to be used in finance sector. As a result of the developments, “The Digital Asset Transfer Platform” has been created. Based on the physical underlying assets, not having a separate value for itself and complying to current regulations, the platform enables digital assets to be transferred by making use of the blockchain technology.  

The asset to be traded on the Digital Asset Transfer Platform corresponds to 1 gram of gold stored physically in Borsa Istanbul and is called “BiGA” on the digital environment.  In the system, there are three main capabilities of the digital asset which are issuing, redemption and transfer. In addition, there are additional features such as the integration of Gold Transfer System into BiGA Platform that is based on blockchain technology, balancing competencies, monitoring and reporting.

In order to get more information about the project, you can access the related report on https://biga.takasbank.com.tr/.

Initially Ziraat Bankası, Vakıfbank, Garanti BBVA, Albaraka Türk Katılım Bankası, Kuveyt Türk Katılım Bankası ve Ziraat Katılım Bankası participated to “BiGA Digital Gold” project which was put into practice on 30.12.2019.  Thus, the first blockchain network has been founded with the participating banks. With the developments made by participating banks serving on the platform provided by Takasbank, gold balance can be transferred among participating banks 24/7.

We are pleased to bring “BiGA Digital Asset Transfer Platform” that has been designed and developed with Takasbank’s internal recources to the public attention and wish that it will be a reference point for future generations and bring prosperity to Turkish economy.

Kind regards,