Binance has added support for the Turkish Lira via Papara, an electronic payments firm based in Turkey. A quick check on the Binance website reveals that the Turkish Lira (TRY) has already been added. This will make it possible for users of the exchange to purchase ETH, XRP, and BTC using the Lira.
The Turkish Banking Regulation and Supervision Agency has licensed Papara to operate an electronic payment system. According to data on Crunchbase, the company has managed to secure $2 million in funding from investors.
This makes the Lira the sixth fiat currency to be listed on Binance for the direct purchase of crypto. The other supported fiat currencies are the euro, Ukrainian hryvnia, Russian ruble, Nigerian naira, and the Kazakhstani tenge.
Increased Support for Fiat
During the Binance Super Meet up that was held on November 12, Changpeng Zhao, the CEO of Binance, revealed the exchange plans to support 180 fiat currencies. He revealed that this strategy would be implemented in the next few months. CZ added that the exchange planned to add every fiat currency in the world to the exchange so that traders could benefit from the massive liquidity at the exchange.
The CEO first revealed that the exchange would support fiat to crypto pairs on October 21 and in the following weeks, the company added 5 fiat currencies. On October 24, the exchange announced support for the Nigerian naira, which would occur with a fiat gateway channel called Flutterwave. About a week later, support for the Russian ruble was added. A week ago, the company partnered with Advcash to offer support for the UAH, KZT, RUB, and EUR. Users will be able to use bank cards, the Advcash Wallet, and credit cards. The Binance CEO, popularly known as CZ, has stated that adding fiat support is an important step toward lowering the barrier to entry into the crypto world.
Huobi is Also Adding Support for the Lira
On October 18, Huobi Global announced plans to launch a Turkish Lira fiat gateway. The company made the announcement during an event held in Istanbul. It also revealed a Turkish language version of its site. Huobi expects to launch support for the Lira by the end of 2019. Initially, Huobi will launch a lira/tether pair but that might later be expanded. This means users will be able to deposit lira via a wire transfer and swap their lira for tether, which they can use to buy and sell other crypto coins supported by Huobi Global.
Why Turkey
The numbers support the intense interest in Turkey by crypto exchanges. The nation’s regulators have been quite friendly to the crypto industry. A month ago, Turkey revealed plans to launch a national cryptocurrency. Besides that, the nation plans to integrate the blockchain in its public sector. It is also worth noting that digital currencies are quite popular in Turkey. It is estimated that about 20% of all Turkish citizens own crypto. The lira is also the fifth most used fiat currencies on crypto exchanges.
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