BRD Capital, high‑yield ITRY product
BRD Capital announced a $5.5 million raise led by Turkish VCs and promoted ITRY, a product targeting roughly 45% APY on Turkish‑lira money‑market funds, while the firm contrasted nominal Turkish yields with real rate comparisons to markets like Brazil. (x.com) (x.com)
Brix said it raised $5.5 million and will launch iTRY, a token backed by Turkish-lira money-market funds, on April 20 through MegaETH. (theblock.co) The round included Yapı Kredi’s venture arm FRWRD, İş Asset Management, Circle Ventures, ConsenSys and Borderless Capital, according to The Block’s April 15 report. Brix chief executive Alp Ergin said the company is using local financial institutions to originate and manage the underlying assets. (theblock.co) iTRY is tied to Turkish-lira money-market funds, which hold short-dated, liquid instruments rather than stocks. İş Asset Management says Turkish money-market funds invest in instruments with a maximum 184 days to maturity and a weighted average maturity capped at 45 days. (isportfoy.com.tr) Brix is marketing that structure around Turkey’s high local rates. The Central Bank of the Republic of Türkiye lists its one-week repo policy rate at 37 percent, with the next rate decision due on April 21. (tcmb.gov.tr) Turkey’s official inflation rate was 30.87 percent year over year in March 2026, down from 31.53 percent in February, according to Central Bank of the Republic of Türkiye data that republishes Turkish Statistical Institute figures. That leaves a narrower gap between nominal yield and inflation than a headline annual percentage yield alone suggests. (tcmb.gov.tr) That comparison is central to Brix’s pitch against other high-rate markets. Brazil’s central bank lists the Selic target on its policy-rate decisions page, and Brazil’s statistics agency publishes March 2026 consumer-price data on the same inflation dashboard, giving investors a separate benchmark for comparing nominal and real returns across countries. (bcb.gov.br) (ibge.gov.br) Turkey’s money-market funds have also been under pressure from rule changes and currency volatility. Bloomberg reported in February that a requirement to hold at least 10 percent of portfolios in lira government bonds had reduced fund performance and assets under management. (bloomberg.com) Brix said it plans similar products tied to equities, funds and bonds in the United Arab Emirates, Egypt, Mexico, Brazil and South Korea. The immediate test is whether an onchain wrapper around Turkish cash yields can attract buyers once iTRY opens to the public on April 20. (theblock.co)
