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Crypto wallet provider Blockchain.com has announced the launch of a payment gateway for Turkish Lira (TRY).
In a press release, the company said that it has launched a full banking integration for TRY, allowing users to deposit and withdraw the currency on the Blockchain.com Exchange, launched last August. Turkish users would now be able to go from account creation to buying crypto in as little as five minutes, without the need to use a third-party payment processor.
“On the Blockchain.com Exchange, Turkish people can now deposit, withdraw, and use TRY to buy bitcoin (BTC), Ether (ETH) and Tether (USDT) and convert their crypto into the fiat currency of their choice with competitive exchange rates,” it said.
The TRY payment gateway launch comes at a time when crypto adoption and awareness in Turkey is said to be growing at a faster rate than its global counterparts. According to Statistica's Global Consumer Survey for 2019, a fifth of all Turkish residents are acquainted with crypto and have been exposed to it in some form or another.
A number of cryptocurrency exchanges, including Binance and Huobi, have either launched or planning to launch TRY fiat gateway.
“Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service,” says Peter Smith, Co-founder and CEO of Blockchain.com. “Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.”
In addition to Turkish Lira, the Blockchain.com Exchange supports deposits and withdrawals in Pounds, US Dollars, and Euros, and is available in 190 countries. It has launched an API for algorithmic traders, listed popular crypto project Algorand, and exclusively listed gold-backed token DGLD, increasing its asset offering to 36 live trading pairs.
As a promotional offer, Blockchain.com has reduced trading fees for anyone who deposits Lira onto the exchange for a year. The first 1,000 to deposit will automatically get Tier 3 fees (.08% maker / .18% taker), while the next 1,000 will get Tier 2 fees (.10% maker / .20% taker).
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