In the recent past many cryptocurrency exchanges have started supporting Turkish lira by the way of deposits and withdrawals. Blockchain has unveiled complete banking integration to facilitate clients to deposit and withdraw TRY on the trading platform provided by the cryptocurrency exchange.
With this facility, Turkish crypto users do not require a third-party payment system to purchase and sell cryptocurrency on Blockchain.com Exchange.
The press release states that “Turkish users can now deposit, withdraw, and use TRY to buy Bitcoin (BTC), Ether (ETH) and Tether (USDT) and convert their crypto into the fiat currency of their choice.”
The lira is the fourth fiat currency to receive support from Blockchain.com Exchange, rolled out in late August. The platform also facilitates clients to make deposits and withdrawals in the pound, euros and dollars.
Blockchain.com Co-founder and CEO Peter Smith highlighted Turkey as one of the countries marching forward with regard to cryptocurrency adoption. Smith further stated that “Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders.”
The CEO’s view about Turkey is similar to that of Binance CEO CZ, who recently opined that “Turkey is a vibrant country that has illustrated one of the strongest demands and fast-growing interest in crypto.” Notably, Binance has also started supporting Bitcoin and other altcoins purchase and sales using Turkish lira via a domestic wallet associate.
Huobi is another international exchange to set up a domestic office in Turkey. Last September, at the Eurasia Blockchain Summit, the cryptocurrency exchange initially revealed their plan to establish a gateway for the lira. However, it is still pending.
The Singapore headquartered cryptocurrency exchange has made some initiatives to enter the market by pairing with the Blockchain Turkey Platform and roping in ex-Deloitte Audit executive Alphan Gogus to head the domestic measures adopted.
While aiming to monitor cryptocurrencies, Turkish government also prefers to back the implementation of blockchain across the country. In this regard, the government intends to set up a domestic blockchain framework. As part of the plan, Turkey intends to complete the trial of a central bank digital currency (CBDC) this year.