Blockchain.com users now have a fiat gateway for Turkish lira

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Updated on Mar 11, 2020

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Crypto wallet and exchange Blockchain.com has recently announced the addition of a fiat gateway for Turkish lira on its platform.
The company saw great potential in Turkey, which emerges as another crypto-friendly country, and it wishes to set up a new standard for its traders.
Apart from adding support for the country's fiat currency, Blockchain.com also wants to deliver quick, cheap, and reliable access to the global markets.

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Major crypto-related companies continue to focus on the Turkish market, with many attempting to bring the country’s users to their platform by opening up fiat gateways for Turkish lira. The latest company to do so is Blockchain.com — an exchange services provider and a popular Bitcoin wallet.

???????? 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

In the announcement published yesterday, January 29th, the company stated that the move will allow Turkish crypto traders to withdraw and deposit money in Turkey’s native currency directly. Meanwhile, the lira will be paired against three of the most popular coins — BTC, ETH, and USDT.

The platform also reported that it launched a full banking integration for the fiat gateway, meaning that it does not rely on third parties for fiat-based service. The platform’s CEO, Peter Smith, commented on the decision by stating that Turkey is among the countries leading crypto adoption. However, its traders did not manage to benefit from it, as all they constantly meet are poor service and high fees.

Now. Blockchain.com aims to change this and provide the country’s crypto community with access to a fair, global market. Hopefully, the company’s efforts will set a new standard for the quality of service that Turkish traders may come to expect, and even demand from other services.

Turkey starting to rely on crypto due to financial difficulties

As many know, the Turkish lira is rapidly losing value, which makes cryptocurrencies a safe haven for many who wish to protect their funds. As a result, the demand for crypto in Turkey came to a sharp rise.

While Blockchain.com is known to most as a Bitcoin wallet, the fact is that the company also launched its own crypto exchange last August. Apart from the newly-included lira, the platform also supports other fiat currencies, including USD, GBP, and EUR. Still, Blockchain.com is far from being the only one who has set its sights on Turkey, and Huobi and Binance have already made their moves to try and dominate the country’s market.