Crypto news

Banxa Launches Local Payment Method in Türkiye

07 June 2022

Customers in Türkiye will now be able to buy crypto through Banxa using yet another convenient payment method – local bank transfer.

Both the interest in crypto as well as its adoption across financial systems is growing across the globe and especially in Europe. The degree of crypto adoption often correlates with many different factors such as regulation, governmental acceptance, or the volatility of local fiat currencies. 

Crypto Booming in Türkiye

If we take a look at the percentage of crypto ownership within Europe, one of the countries that stands out is Türkiye. According to a 2020 report by the Information Technologies and Communications Authority of Türkiye, around 3% of the Turkish population, or 2.4 million people, owns crypto. That number, as mentioned in a CoinDesk article, might even be “much higher, especially after the 2020 bitcoin price run.”

Although crypto seems to be in a “legal gray area” at the moment – as in April 2021, the government banned the use of crypto to pay for goods and services, while crypto trading is still permitted – the interest in it is not slowing down. 

This is caused by multiple reasons, one of them being the lack of trust in their official currency, the Turkish lira, which lost more than 40% of its value last year alone. The inflation rate in Türkiye recently surged above 30% which is a two-decade high. As a consequence, the need for more efficient options for both long-term investments and trading possibilities emerged. 

Merhaba Türkiye!

Banxa’s mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. We aim to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system and onboard the masses around the globe to digital assets like cryptocurrencies and NFTs

“We regard Türkiye as leading the way in crypto adoption among EU emerging markets, with considerable interest from its citizens to invest in crypto driven by the ongoing weakening of the lira and spiraling inflation,” said Banxa CEO Holger Arians. 

The launch of direct bank transfers in Türkiye unlocks a new marketplace for Banxa partners in 2022, and will also enhance the payment approval rate for our Turkish customers which will make crypto purchases much more convenient. 

“Our Geo-Expansion Program has been designed to help and support our business partners and communities globally scaling their strategic network into new markets with Banxa, in a compliant way, by activating local presence, engaging local payment and banking connections, as well as growing target market opportunities to scale visibility,” said Managing Director and Head of Geo Expansion Affairs at Banxa, Jan Lorenc. “Being present in Türkiye will significantly help our partners to reach a wider community of customers that accelerates their business growth.”

One of those partners is MEXC Global. According to the company’s CEO, John Chen, MEXC Global aims to deliver its customers the best user experience possible, by partnering with world-class service providers. “Banxa’s Fiat Gateway has helped us reach new customers around the world, and their expansion into the country of Türkiye will provide more choice than ever before to one of our largest markets,” said Chen.

SEE ALSO: MEXC Global | Banxa – Ask Me Anything

Using Domestic Turkish Bank Transfer Payment Method

In order to create the most convenient purchase experience possible, Turkish customers can start purchasing crypto for as low as 480 TRY. 

Similar to payments with SEPA, after selecting “Domestic Turkish Bank Transfer” as a payment method and creating the order, the customer will be provided with Banxa’s bank details, so they can make the payment right away. For non-stablecoins, the customer will be asked to upload a receipt of their payment in order to confirm the transaction.