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News and updates from the world’s leading cryptocurrency exchange
Nov 27
2019
Turkey: A Very Important Crypto Nation

Turkey is home to one of the biggest crypto communities in the world, so big that CZ was delighted to come there. Our recent launch of a fiat-to-crypto gateway using the Turkish lira shows how much demand there is for crypto use.

Turkey is long considered the crossroads of Europe and Asia. And throughout history, crossroads happen to be where human advancement takes place. This nation of about 84 million people is considered as one of the most advanced in the world when it comes to cryptocurrency adoption. 

At Binance, we want to spearhead further crypto adoption around the world, especially in places where people are very enthusiastic about crypto usage. That’s why we consider Turkey as a very important market. 

We recently launched a fiat-to-crypto gateway in Turkey in partnership with regulated and secure payments provider Papara. Right now, Turkish Binancians can deposit Turkish lira and use the currency to buy cryptocurrencies such as BNB, BTC, ETH, and XRP.

“Turkey is a vibrant country that has illustrated one of the strongest demands and fast-growing interest in crypto. Turkey has quickly adopted crypto in just the last year,” Binance CEO CZ said about the launch. He also noted that Turkey’s crypto adoption rate is twice those by its neighboring European countries.

To further emphasize how important the Turkish market is to Binance, we staged a Super Meetup in Istanbul on November 20, where the country’s crypto community met with CZ and the rest Binance team live. CZ also spoke at the Turkish Capital Markets Summit 2019.

Throughout the past week, CZ and the Binance team met with various crypto stakeholders in Turkey, from Binance Angels and frequent users to institutions and various media outlets. Journalists in Istanbul were surprised by the popstar-like attention that CZ was getting in Turkey, as many people race to take photos with him. Meanwhile, CZ’s presence in Turkey is a sign that Binance has more business plans for Turkey.

“Very soon, we will also add direct Binance transfers for Turkish lira,” CZ said during the meetup. “We will also start to add trading pairs for Turkish lira. This will provide direct access to all cryptocurrencies on Binance.com that have high liquidity on the market.”

Earlier this month, Binance Strategy Director Gin Chao revealed how enthusiastic Binance is in expanding its services in Turkey. “The steps we took for Turkey and some other countries are the fruits of plans which were made more than a year ago,” he said, adding that the country is an ideal environment for daily usage of cryptocurrencies.

Turkey’s Crypto Population Sets the Trend

Turkey is a significant area for cryptocurrency adoption. The country’s crypto awareness is ahead of the curve by world standards. As early as 2015, when ING polled people across Europe, 45% of Turkish people view Bitcoin and other digital currencies as the future of online spending, significantly higher than the 28% average across Europe. 

The Turkish people also walk the talk when it comes to the adoption of the latest technology. About 56% of Turkish people polled in the study said that they had used mobile payment apps, almost twice the 33% figure for the average European. This bodes well for crypto adoption in the country.

Another factor to consider when how ahead Turkey is in the blockchain game is crypto acceptance. According to another poll also conducted by ING, 62% of Turkish people have positive views on cryptocurrency, while 36% said they would be happy to accept payments in Bitcoin.

These market conditions, as well as the business environment in Turkey, have factored into Binance’s eagerness to venture more in the country. We’re very happy to do so,  especially when you chance upon something like this on the streets: a live Binance trade chart displayed in physical shops, on screens like this:

Stay tuned for more services and solutions we have for Turkey in the coming days.