Crypto Marketplace Paxful Expands Operation In Turkey After 274% Increase In Registrations

Announcements, News | October 13, 2020 By:

Peer-to-peer (P2P) bitcoin marketplace Paxful has announced two partnerships that will expand its operations in Turkey.

Paxful is a crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through P2P finance. Every customer gets a free digital wallet that lets them send, receive, and store bitcoin. They’re cutting out the middleman with their secure escrow service and provide help to their customers with a 24/7 customer support system.

In a press release, Paxful said that it signed two strategic partnerships with leading cryptocurrency companies in Turkey, BiLira (TYRB), a stablecoin backed by Turkish Lira, and Cointral, a cryptocurrency trading platform.

The BiLira integration will effectively add TYRB to over 300 payment methods available on the platform, enabling users to buy and sell bitcoin (BTC) and Tether (USDT) with BiLira token. BiLira, which is 100% collateralized by Turkish Lira, has nearly 30 million TRYB tokens in circulation and acts as a bridge to the world of DeFi.

“BiLira, acting as a ramp for peer-to-peer marketplaces, will make cryptocurrencies more accessible to the locals, especially backed by such reputable marketplace like Paxful, we can see this going far,” said BiLira COO Vidal Arditi.

The Cointral partnership will see Paxful integrate the web-based Paxful Kiosk onto the Cointral platform to give its users access to diverse payment methods that Paxful presents. From bank transfers to gift cards, Cointral customers will be able to choose from a variety of payments and currencies, making crypto purchases a truly seamless experience in the global market.

“In addition to our goal to maximize the quality of our operations in Turkey, we plan to pursue our objective of being a pioneer in the use of cryptocurrencies in the world with global partnerships,” said Ugur Hakan Cakan, Cointral Chairman of the Board and CEO. “We are pleased to offer a professional variety of payment methods to our users with our partnership with Paxful.”

These partnerships come as a result of a 274% increase in new registrations in Turkey over the past 12 months as well as an average of $65.76K in trade volume monthly.

“The rising inflation of the Turkish Lira has been a major financial burden for Turkish citizens,” said Ray Youssef, CEO and co-founder of Paxful. “Bitcoin can be used to preserve wealth against instability surrounding the Turkish Lira, and we hope that by entering into the market we will be able to ease some of the financial burdens of its citizens. We’ve seen steady growth in Turkey for the past few months and it’s only fitting that we put more effort into the market.”