In addition to strengthening its cross-chain services, loan options, and investing tools, FreeBnk, a financial services app for cryptocurrency investors, will employ the protocol to distribute IBANs on the blockchain and facilitate international money transfers for its user base.

The firm releases a statement saying, "This strategic collaboration enhances FreeBnk by integrating traditional banking cornerstones with DeFi features, fostering greater financial inclusion and accessibility in the growing digital asset space."

A "significant stride in enhancing financial accessibility and cross-border transactions," according to FreeBnk CEO Yunus Emre Ozkaya, the move would allow customers to "easily navigate between fiat and digital assets."

The use of blockchain-based IBANs by FreeBnk is in line with the growing trend of tokenization among established financial institutions.

One noteworthy development is that Mastercard said this month that it intends to phase out manual card input by 2030, with a major focus on its tokenization service.

Last month, the business in collaboration with Mox Bank, Libeara, and Standard Chartered Bank in Hong Kong finished a test run of tokenized carbon credits.