Bitget Unveils Instant Lira-to-Crypto Conversions, Streamlining Turkish Market

Last updated: November 29, 2023 22:59 EST
. 1 min read

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Turkey Crypto Exchange Scam — Source: Adobe / Husamex

Bitget – a global crypto exchange and Web3 firm – has launched support for instant Lira to crypto conversions to streamline access to digital assets for Turkish consumers.

Using the “easy buy and sell” feature, Turkish customers can now deposit TRY to Bitget directly from their bank accounts and immediately convert their funds to either Tether USD (USDT) or Bitcoin (BTC).

Users need not wait for funds to clear or transfer, nor to match the order books, helping to create “seamlessness and easy-to-use products in crypto localized for the region,” as stated in a press release from Bitget.

“We want to provide easy ways to buy and sell crypto to accelerate mass adoption,” said Gracy Chen, Managing Director at Bitget, in an accompanying statement. “The addition of instant cash conversions aligns with our plans of delivering localized crypto products in Turkey.”

The announcement follows Bitget’s expansion of support for seven Middle-Eastern fiat currencies earlier this month, and its specialized institutional gateway for EURO deposits and withdrawals earlier this year.

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Learn more: https://t.co/9x6ViyMyTV pic.twitter.com/WSEWLNaQl8

— Bitget (@bitgetglobal) November 29, 2023

Crypto Adoption in Turkey

According to Statista, Crypto ownership in Turkey has soared from 16% to 47% over the past three years, giving it the highest national ownership rate in the world alongside Nigeria. Meanwhile, the nation ranked 12th in the Chainalysis 2023 Global Crypto Adoption Index, based on its crypto traffic across centralized, decentralized, and peer-to-peer exchanges.

Surging adoption has been largely driven by the Lira’s rapid devaluation since 2021, with annualized inflation running at 61.5% as of last month. It’s decline has left citizens scrambling for new assets to store their wealth, like BTC, which continues to chart new all-time highs when logged against TRY.

In September, TRY became the top traded fiat currency on Binance – the world’s largest crypto exchange – accounting for 75% of all fiat volume.