Crypto adoption in Turkey sees a rapid rise with the announcement of a possible central bank digital currency (CBDC). The rapidly evolving digital era witnessed a revolution in finance and monetary sectors in the form of the emergence of cryptocurrency. There is no centralized storage of funds in the cryptocurrency system that fascinated the economic sectors as a reliable and stable monetary structure.
The Bitcoin is one of the most popular cryptocurrency attracted a surge of economic investors and groups into its charm, and the result was recorded as a huge conversion of corporate assets into Bitcoins, a trend that is still on the rise. When it comes to crypto adoption in Turkey, the foundation was laid before the CBDC.
Among the fast-growing dynamics of Bitcoins exchange, a new milestone in the short history of the cryptocurrency was set today when Paxful, a leading Bitcoins exchange marketplace, popular for its versatile payment methods, announced to ally with the leading Turkish Bitcoins trading giant Cointral.
Both the entities, through this joint endeavor, envision a plan to create a smooth crypto purchase method by integrating Paxful kiosks with the country’s services in Turkey. This enables customers to enjoy a wide range of benefits, including but not limited to funds transfers via banks and sending gifts.
With the realization that cryptocurrencies hold in their fists, the future of economic and monetary markets, major countries of the world were quick to integrate them into their own finance structures. Being no exception, Turkey announced developing a blockchain-based centralized digital currency bank under the umbrella of its nascent economic roadmap.
This roadmap was planned after a recent fall in the worth of the Turkish Lira. It is noteworthy that a fresh survey on crypto adoption in Turkey indicated that about 20 percent of the Turkish people either use digital currencies or own assets that are based on them. This clearly highlights the great potential of an integrated and reliable digital currency platform, exactly similar to what the Paxful-Cointral joint venture intends to achieve.
Paxful and Cointral bank on crypto adoption in Turkey
Ray Youssef, CEO, and co-founder of Paxful, claimed that the company had seen steady economic growth in Turkey over the past few months. It was really suitable to put effort into the developing market. According to its CEO, the company was really excited to partner up with Cointral and was looking forward to bringing an easy fiat-to-crypto currency to its customers and providing diverse payment methods for crypto purchase. The collective effort is also expected to boost crypto adoption in Turkey.
Ugur Hakan Cakan, Cointral Chairman of the Board, and CEO, also seemed excited about the new partnership. He said that Cointral planned to pursue its high goal of becoming the pioneer in cryptocurrencies exchange with global partnerships and was looking forward to providing diverse payment methods to customers in partnership with Paxful.