Blockchain.com Opens Turkish Lira Gateway for Crypto Trading

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.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

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, 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.