Turkey: Blockchain.com Exchange Introduces Support for Turkish Lira

Leading cryptocurrency wallet provider Blockchain.com on January 29, 2020, announced that it had launched a full banking integration for Turkish Lira (TRY) to enable users to deposit and withdraw Lira on the firm’s exchange.

Blockchain.com Extends Support for TRY

In a bid to expand its business footprint within the Turkish cryptocurrency ecosystem, Blockchain.com has introduced fiat gateway for Turkish Lira which allows Turkish traders to deposit, withdraw, and use TRY to buy Bitcoin (BTC), Ether (ETH), and Tether (USDT). Blockchain.com users in Turkey will also be able to convert their digital assets into the fiat currency of their choice with competitive exchange rates.

In March 2019, BTCManager reported how Turkey leads the list of European nations when it comes to owning the most amount of digital assets. According to a study by ING News, Turkey boasts the highest cryptocurrency ownership percentage in Europe with 45 percent of Turkish believing that digital currencies like Bitcoin were the future of online spending.

Commenting on the development, Peter Smith, Co-Founder and CEO, Blockchain.com, 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.”

The celebrate the occasion, Blockchain.com said that the exchange will reduce trading fees for a year for anyone who deposits Lira onto the trading platform. The first 1,000 to deposit will automatically get Tier 3 fees (.08% maker / .18% taker), while the next 1,000 will get Tier 2 fees (.10% maker / .20% taker).

Turkey and Crypto

As mentioned earlier, Turkey has the highest number of cryptocurrency owners in Europe. This fact could partially be attributed to the current state of the Turkish economy which isn’t doing too well. The sorry state of the economy has had a direct impact on the country’s national currency which has had a significant value depreciation in the forex market.

In related news, BTCManager reported on November 6, 2019, how Turkey is mulling launching a national digital currency in 2020.