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Binance unveils fiat-to-crypto gateway for Turkey

Tue, 19 Nov 2019, 10:48 am UTC

Cryptocurrency exchange Binance has announced the early launch of fiat-to-crypto gateway for Turkey in collaboration with regulated payments provider Papara.

Binance CEO Changpeng Zhao unveiled the gateway and development plans for the Republic of Turkey during a keynote at the Turkish Capital Markets Summit. Through the TRY gateway, Turkish people would be able to purchase cryptocurrency with the local currency directly on Binance’s Buy and Sell Crypto platform.

“Turkey is a vibrant country that has illustrated one of the strongest demands and fast-growing interest in crypto,” he said. “Turkey has quickly adopted crypto in just the last year as the country faced economic uncertainties, which correlates with global economic markets but twice the rate from its neighboring European countries.”

In its announcement dated Nov.19, Binance said that it will be integrating Papara’s banking solution and soon allow users to soon purchase BNB, BTC, ETH and XRP with TRY.

After successfully completing KYC process, users would be able to directly deposit TRY through Papara to buy crypto instantly with their TRY balance from the exchange later this week. Binance said that additional functionalities and features, including sell functions, will be announced at a later date.

"The impressive rate of cryptocurrency and blockchain adoption in Turkey reflects the young and dynamic population of the country. We've been serving the Turkish cryptocurrency community since 2017 and we're proud to continue to do so by enabling Turkish Lira deposits and withdrawals on Binance,” Ahmed Karslı, Chairman of Papara said.

Last month, Binance launched a fiat-to-crypto gateway for Africa in partnership with Flutterwave, and, more recently, Russian ruble fiat gateway in partnership with Advcash. The exchange is partnering with a number of firms, including Simplex, Koinal, TrustToken, and Paxos, in order to provide easy access and more options throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner.

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