The XYZ Teknoloji and Fireblocks solution offers on-premise compatibility to support the adoption of digital assets in Turkish market
New York, New York--(Newsfile Corp. - August 3, 2023) - XYZ Teknoloji and Fireblocks have announced an integration that will address the digital asset management needs of the Turkish market. The integration allows XYZ Teknoloji to create and scale a suite of compliant and time-to-market focused solutions for banks and financial institutions to explore and leverage digital asset technology. 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 leapfrog the Turkish FinTech industry into the future.
Caption: XYZ Teknoloji and Fireblocks Collaborate to Launch Compliant Digital Asset Solution for Banks and Financial Institutions
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Many traditional financial institutions are held back from investing in digital asset projects due to the lack of clarity and consistency of regulation all around the world. With recent developments starting with Markets in Crypto Assets Regulation (MiCA) in the EU entering into force in June 2023, more and more traditional financial institutions are dipping their toes into the digital assets space. Considering the fast-paced developments in DeFi, XYZ Teknoloji created a vital software stack on top of Fireblocks, the leading digital asset operations and direct custody technology provider in the world, to enable frictionless integration of digital assets and related business models to the traditional banking infrastructure.
Focusing on Turkey initially, XYZ Teknoloji has built critical features like: core banking integration capabilities, a virtual balance mechanism for instant digital asset transfers, built-in operational cost minimization techniques by introducing the concept of "withdrawal strategies", the ability to launch a real-world asset tokenization marketplace and finally the capability to launch a customizable digital asset-based index funds, which are all compatible with the Fireblock full on-premise solution. Fireblocks' unique capabilities in creating compliant infrastructures with the specialized software stack of XYZ Teknoloji will allow Turkish financial institutions to bring digital asset-based products to the market in a time-efficient manner.
XYZ Teknoloji Co-Founder, Kazım Rıfat Özyılmaz, states: "By working closely together with an industry giant like Fireblocks, we are focused on addressing the time-to-market needs of licensed financial institutions that are finally entering to the digital asset space."
Stephen Richardson, Managing Director, Financial Markets at Fireblocks, adds, "XYZ Teknoloji's suite of software 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."
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,800 financial institutions, has secured the transfer of over $4 trillion in digital assets and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
About XYZ Teknoloji
XYZ Teknoloji is a FinTech company from Istanbul with a focus on developing products that address the gap between the traditional financial industry and the emerging blockchain economy. 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 is launching its compliant digital asset custody, trade, and DeFi access infrastructure targeting traditional financial institutions in multiple jurisdictions including Turkey, MENA and Switzerland. For more information, please visit https://xyzteknoloji.com.
Contact:
Aysegul SENSOY
Aysegul.sensoy@xyzteknoloji.com
Tel: +905334250731
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