Exchange Adds Support For Turkish Lira

Leading cryptocurrency exchange and wallet provider, has enabled a payment gateway on its exchange to allow users in Turkey to purchase and trade cryptos directly without the need for a third-party payment processor.

As per the PR shared with Coinfomania on Jan 29, the company launched a full banking integration for Turkish Lira (TRY) on its trading platform, which will now allow users to deposit and withdraw their crypto funds to Lira, or other fiat currency with competitive exchange rates.

Customers in Turkey can now deposit TRY on to purchase cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and dollar-pegged stablecoin Tether (USDT).

Peter Smith, the co-founder and CEO of Blockchain,com admitted that Turkey is one of the few countries that are increasingly accepting cryptocurrencies. However, crypto traders in Turkey are faced with high fees and poor service.

A fifth of all residents in Turkey is already acquainted with digital currencies according to a 2019 Survey conducted by Statistica. Following the increase in crypto adoption, Smith said: 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. Racing in Crypto Services’s Exchange was launched in August, and since then, it has added several new features. It has also provided support for blockchain project Algorand, and the gold-backed token, DGLD. The exchange also released API for algorithmic traders.

In December 2019, announced another integration of a fiat payment gateway for users in the United Kingdom. The payment gateway makes use of the UK’s Faster Payments Service (FPS) and will enable the users to buy cryptos using Pounds (GBP).

As Coinfomania reported, revealed plans in September last year to raise a $50 million Venture Capital (VC) fund in a new funding round. It aims to provide financial backing for crypto startups using the fund.

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