Blockchain.com, a Bitcoin wallet and exchange services provider, has enabled fiat gateway for Turkish lira on its platform.
Announced on Wednesday, this will enable Turkish traders to deposit and withdraw the fiat directly from the Blockchan.com exchange platform, which is facilitating trading options with the fiat against three digital currencies – Bitcoin, Ether, and Tether.
The platform has launched a full banking integration for the gateway, eliminating the need for any third-party for fiat-based services.
🇹🇷 Turkish traders! We’ve partnered with local banks to add full support for Turkish lira (TRY) on the Exchange so you can convert your TRY into crypto faster than ever. Sign up or log in to access the true global #crypto market now ⇾ https://t.co/QkwyakqZ1p pic.twitter.com/rxm7wY1h19
— Blockchain.com (@blockchain) January 29, 2020
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Commenting on the move, Peter Smith, co-founder and CEO of the platform, said: “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. 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.”
Entrance to the middle-east
This came at a time when the strength of Turkish lira is on a slump compared to the US dollar, creating more demand for digital currencies in the country.
Despite being one of the most widely used Bitcoin wallet platforms, Blockchain.com launched its digital asset exchange last August. Apart from Turkish lira, the platform already supports three other fiats – US dollar, British pound, and euro.
Similar to Blockchain.com, many other major market players also penetrated into the Turkish market. Last year, Huobi entered the country with a local office and also announced a fiat gateway for Turkish traders – the plan, however, is still pending.
Binance also expanded its services in Turkey with the launch of lira-based crypto trading services on its platform.
Meanwhile, Blockchain.com also jumped into the crypto lending business, targeting institutions, Finance Magnates reported earlier.