Bitfinex, a leading crypto trading platform, has announced a partnership with Vakıfbank, Turkey’s second-largest bank, to offer zero-cost deposits for customers in Turkey. This integration allows Turkish customers to deposit Turkish Lira (TRY) directly into their Bitfinex accounts without any fees, marking a significant step in Bitfinex’s expansion in the Turkish market.
A strategic partnership with Turkey’s second-largest bank
According to a blog post, the collaboration with Vakıfbank enables Bitfinex to provide seamless and cost-effective deposit services for its Turkish customers. This move could help Bitfinex expand its footprint in Turkey, a market dominated by other major exchanges like Binance. The integration comes at a time when traditional institutions are increasingly embracing crypto, as evidenced by recent collaborations between crypto platforms and financial giants like Fidelity, BlackRock, and PayPal.
Founded in the 1950s, Vakıfbank is a major player in the Turkish banking sector. Bitfinex’s partnership with such a reputable institution not only enhances its credibility but also facilitates easier access to the cryptocurrency market for Turkish users.
In addition to zero-cost deposits, Bitfinex Turkey is offering no-fee withdrawals for up to 2 million TRY and a six-month promotion with reduced fees for the TRY/USDT trading pair. These incentives are likely part of a broader strategy to expand Bitfinex’s presence in the Turkish market and compete with other exchanges like Bitget and OKX.
Bitfinex’s efforts to cater to the Turkish market extend beyond the partnership with Vakıfbank. Last month, the crypto platform launched a peer-to-peer exchange servicing clients in Argentina, Venezuela, and Colombia, reflecting a broader push to enhance its global reach.
In conclusion, Bitfinex’s collaboration with Vakıfbank represents a significant milestone in the exchange’s expansion strategy in Turkey. By offering zero-cost deposits in Turkish Lira and additional incentives like no-fee withdrawals and reduced trading fees, Bitfinex is positioning itself as a competitive player in the Turkish crypto market. The partnership also underscores the growing trend of traditional financial institutions engaging with the crypto industry, reflecting a maturing and increasingly interconnected financial landscape. The integration is available immediately via the Bitfinex Turkey web platform and mobile app, making it more accessible for Turkish users to participate in the digital asset trading space.