Cryptocurrency custody firm Taurus, which counts the likes of Deutsche Bank and State Street among its clients, has expanded its footprint to Turkey.
Taurus is now providing custody services to Istanbul-based BankPozitif, marking the first such time a Turkish bank has implemented institutional-grade digital asset infrastructure, according to an emailed announcement on Tuesday.
As well as implementing Taurus’ flagship custody tool, the bank will also use its “EXPLORER” service, which provides blockchain node and indexing infrastructure, allowing it to connect to public and permissioned blockchains.
Turkey represents an exciting market for Taurus, according to co-founder Lamine Brahmi, who cited the country’s “high adoption rates, increasing institutional interest, and constructive regulatory frameworks,” as ideal conditions for digital asset banking.
Economic problems in Turkey has buoyed crypto adoption in recent years as users have turned to cryptocurrency as a lifeline against double-digit inflation.
Read More: Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks
