Blockchain.com Announces Full Banking Integration for Turkish Lira

In a striking first, Blockchain.com announced the launch of a full banking integration for Turkish Lira (TRY). It will be a part of a native payment gateway that allows users to deposit and withdraw Lira on its platform.

Luring Turkish investors

With the launch of the new service, Turkish traders, who have been the most active on Blockchain.com’s platform, get to trade directly in their own currency. They will not have to use third-party payment processors and incur a high fee for conversion rates.

Blockchain.com provides more than 40 million wallets to users and has also started a trading platform. Its Turkish users can now create an account directly and buy cryptocurrency without needing a third-party payments processor. Lira can now be used to buy Bitcoin, Ethereum and Tether. They can also deposit and withdraw Lira and convert their crypto coins into the fiat currency.

Blockchain.com co-founder and CEO Peter Smith commented on the new feature and said,

“Turkey is one of the country’s 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.”

Economic problems facing Turkey

Since the last two years, the Turkish economy has been going through problems that led to a massive downfall in Lira’s valuation as well. As a result, Turkish people are adopting cryptocurrencies at a faster rate than most other countries. The authorities are alarmed by the rising number of cryptocurrencies in Turkey. They are planning to bring stricter oversight of the crypto sector. According to local media, Turkish regulators are under pressure to increase supervision. The country has about 1 million crypto investors, according to a Statista Global Consumer Survey.

Blockchain.com backs Bitcoin Cash, which is also launching a new crypto ecosystem with STP tokens. The platform is backed by Google Ventures and Lightspeed Venture Partners. The retail exchange by the platform allows deposits and withdrawals in several fiat currencies like Turkish Lira, Euro, US Dollars and British Pounds. The platform is currently available in 190 countries.