Blockchain.com has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on its trading platform.
With this development users in Turkey no longer have to incur high fees and conversion rates from third-party payment processors. Turkish traders have consistently been one of the most active countries on the company’s exchange since it launched last Summer.
The Blockchain Lira
Blockchain.com, the well-known provider of cryptocurrency products with over 40 million wallets created to date, has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on the Blockchain.com Exchange.
Turkish users can now go from account creation to buying crypto without having to use a third-party payment processor. On the trading platform, Turkish people can now deposit, withdraw, and use TRY to buy bitcoin BTC, ETH and USDTand convert their crypto into the fiat currency of their choice.
“Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service,” says Peter Smith, Co-founder and CEO of Blockchain.com. “Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.”
Economic Benefits of Blockchain in Turkey
Economic concerns regarding the stability of the local fiat pushed cryptocurrency adoption in Turkey to grow faster than in most countries. At the start of the year it was reported that Turkish authorities, alarmed by the rapid spread of cryptocurrencies in the country, are ramping up efforts to introduce greater oversight into the sector.
Local media revealed that regulators are under pressure to increase supervision because of the growing popularity of decentralized crypto assets among Turks. Turkey has an estimated 1 million investors, according to local reports, and a fifth of Turkish respondents in last year’s Global Consumer Survey by Statista said they used or owned crypto.
Blockchain.com is one of the most trusted companies in the digital assets space, and has raised over $70 million in funding from investors such as Lightspeed Venture Partners and Google Ventures. It is also known for being friendly to the BCH community, integrating the cryptocurrency into its services.
About a year ago, for example, the company launched a Bitcoin Cash block explorerthat allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions.
Recently it launched a retail exchange focused on high speed performance. Since launching in August, the Blockchain.com trading platform has continued to adopt new features and assets. It now supports deposits and withdrawals in Pounds, US Dollars, Euros, and Turkish Lira, and is available in 190 countries.
In the last two months, the venue has launched an API for algorithmic traders, listed the crypto project Algorand, and listed the gold-backed token DGLD, increasing its asset offering to 36 live trading pairs.