Cryptocurrencies are fast gaining traction in the world of finance. In today's digital world, people are increasingly buying into the concept of cryptocurrency as a new mode for monetary transactions as well as for investments.
Regardless of what cryptocurrencies stand for to you on a personal level, it pays to be in the know of this thing they call digital money. KriptoSlots commits to bringing the latest news on this hot topic. Be sure to check this space regularly.
April 30, 2022
BITFINEX, COINBASE, AND KUCOIN ARE PART OF TURKEY’S SECOND WAVE OF STRONG CRYPTO INTEREST.
Turkey is seeing a rise in cryptocurrency interest as big crypto exchanges open up shop in the nation. There’s plenty of reason for the 84 million Turks to join up for the new exchanges, from demographics to offline marketing to currency devaluation.
Bitfinex, one of the largest cryptocurrency exchanges in the world, has revealed its ambitions to expand into Turkey (see tweet). Coinbase is said to be interested in buying local exchange BtcTurk, while Binance is opening its first customer care center.
It’s about the “huge potential” Bitfinex sees in Turkey, according to Paolo Ardoino, CTO of Bitfinex and Tether. The proposed rule will aid in the positioning of cryptocurrencies in order to sustain Turkey’s faltering Lira.
“Turkey is one of the top 5 markets at KuCoin, and it’s developing very rapidly,” KuCoin CEO Johnny Lyu told us.
“Global exchanges are approaching Turkey seeking to grab attention,” said KuCoin national manager for Turkey, Kafkas Sönmez. Surprisingly, for the Turkish audience, the offline component of marketing is critical.
“In terms of creating brand recognition,” Sönmez continued, “social media and the internet are insufficient.”
Erhan Kahraman, European News Editor, adds to the local knowledge of major exchanges making headlines in Turkey. “Nearly every corner in a city like Istanbul, Turkey’s commercial capital, contains a billboard from a big local crypto exchange,” he stated.
“Localized marketing,” as well as providing a product that looks and feels distinct from the global offering, are important to Alphan Göüş, national manager for Bybit Turkey. Turkey “stands out as a significant market,” with “untapped potential of tens of millions of potential investors,” according to the report.
Turkey’s appealing demographics were noted by nearly all of the crypto thought leaders.
“Nearly 55 million individuals over the age of 18 have the capacity to trade in the cryptocurrency market,” says Sönmez, referring to WOO Network Turkey Country Manager Bura Gökaaçl’s “huge retail user base in Turkey.”
It’s no surprise that crypto adoption in Turkey increased elevenfold in 2021, thanks to a young, digitally native population that is continually exposed to online and offline marketing.
“Compared to January 2022 and January 2021, the transaction volume and number of Turkish users on KuCoin surged by 23.8 times and 23.6 times, respectively,” says Johnny Lyu, KuCoin CEO.
In addition, the Lira’s depreciation in buying power adds gasoline to the roaring crypto fire. Despite President Erdogan’s “lira fiddling,” Bitcoin (BTC) set new all-time highs versus the Lira in November and December of last year.
“It’s not a coincidence that crypto use in Turkey rose elevenfold the same year the Turkish currency experienced successive strikes,” says Kahraman. Cryptocurrency “remains a popular asset class, partially influenced by the recent volatility in the value of the Turkish Lira,” according to Ardoino of Bitfinex.
When it comes to appealing to Turkey’s “huge retail user basin,” Gökaaçlemphasized that “not being late” is critical. They do, however, warn that the current macroeconomic environment is difficult.
Despite the adverse Bitcoin price behavior, Gökaaçl believes Turkey is undergoing a “revolution” in general.
Finally, by accepting cryptocurrencies and attracting increasing worldwide attention, the country is moving closer to “money liberation” and a “more participative financial system.”