XYZ Teknoloji, a FinTech company from Istanbul, has integrated Fireblocks to build its tech stack that addresses the gap between the traditional financial industry and the emerging blockchain economy.
In the past year, over 25% of Turkish consumers transacted in crypto. That’s why XYZ developed an enterprise-grade software stack using Fireblocks to help Turkish companies capitalize on this popularity.
XYZ offers Turkish institutions:
- Core banking integration capabilities
- A virtual balance mechanism for instant digital asset transfers
- Built-in cost minimization for digital asset deposit and withdrawals
- The ability to launch a real-world asset tokenization marketplace
- The capability to offer digital asset-based index funds
Crypto adoption is on the rise in Turkey
– The awareness rate of crypto money is 99%.
– 8 out of 10 people who make transactions know that cryptocurrencies use blockchain technology.
– According to GlobalWebIndex (GWI) research company, Turkey has the highest crypto asset investment rate worldwide as of June 12, 2023.
– There are anywhere between 10 and 15 million individual crypto users in Turkey.
XYZ uses Fireblocks technology to enable Turkish banks and financial institutions to enter crypto.
XYZ Teknoloji’s software suite allows regulated financial institutions in Turkey to bring digital asset products to market quickly and safely. By leveraging Fireblocks’ battle-tested technology, XYZ Teknoloji built highly-secure and transformative offerings for the Turkish market, and we are thrilled to support their efforts.
By integrating with Fireblocks, XYZ’s customers can now:
- Provide custody and over-the-counter (OTC) trading services
- Launch real-world asset-backed (RWA) tokenization business models
- Explore packaged, digital-asset-based investment products similar to investment funds in TradFi equity markets
- Expand their presence in Service/API banking and enable FinTechs to build digital-asset-based products.
Beyond the technical integration, XYZ Teknoloji and Fireblocks are working together to support strategic planning at financial institutions for digital asset development and deployment to aid in the development of the Turkish FinTech industry.
About XYZ Teknoloji
XYZ Teknoloji is an Istanbul-based FinTech company. XYZ Teknoloji is backed by Blizzard Fund, a $200M+ fund dedicated to accelerating development, growth, and innovation across the ecosystem of Avalanche and beyond. Previously, XYZ Teknoloji developed a compliant equity and debt-based crowdfunding platform for major banks and brokerage firms. XYZ Teknoloji launched its compliant digital asset custody, trade, and DeFi access infrastructure, targeting traditional financial institutions in multiple jurisdictions, including Turkey, Dubai, Qatar, Saudi Arabia, and Switzerland.
