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Binance CMO referred to Istanbul as a crypto hub, and the Turkish market has received significant attention from the entire industry this year.

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Binance's newly appointed Chief Marketing Officer, Rachel Conlan, highly praised Istanbul's position in the global cryptocurrency ecosystem, calling it a crypto hub. This year, the Turkish cryptocurrency market has been active, with many major trading pla

Table of Contents

· Institutions and major exchanges are conducting business in Turkey

· The innovation atmosphere in the Turkish crypto field is active

BlockBeats News, September 27th, Binance's new Chief Marketing Officer Rachel Conlan highly praised Istanbul's position in the global cryptocurrency ecosystem and called it a crypto center during an interview with CoinDesk Türkiye. Conlan mentioned that although the global penetration rate of digital currencies is only 5%, Turkey has reached 12%. She also emphasized the importance of Turkey in the global ecosystem and expressed Binance's satisfaction with its achievements in the Turkish market.

Organizations and major exchanges are conducting business in Turkey

Binance has been paying close attention to the Turkish market. BlockBeats previously reported that in April 2022, Binance announced the opening of its first customer service center in Turkey, with plans to expand globally after a successful trial period.

Many cryptocurrency projects, besides Binance, focus on the Turkish market when planning their business layout.

May 2023, OKX announced the establishment of its Turkish office; May 21, hedge fund TURKCORP announced the launch of a new cryptocurrency trading platform, Turkex, in Ankara, Turkey.

Source: Turkex

June 14th, cryptocurrency trading platform Gemini announced the launch of its staking service in Switzerland and Turkey. Gemini users in Switzerland and Turkey can stake ETH and MATIC to earn rewards. On June 26th, Bitget launched Bitget TR, a compliant Turkish trading platform that provides localized services for Turkish users. On the 30th, cryptocurrency payment provider Alchemy Pay announced that it now supports Turkish users to purchase cryptocurrencies via bank transfer.

Source: Bitget TR

Turkey's Cryptocurrency Industry Has a Vibrant Innovation Atmosphere

The Turkish market has attracted attention from the cryptocurrency industry due to its official and private sector's innovative thinking and active cryptocurrency atmosphere.

BlockBeats previously reported that Ankara University in Turkey added an NFT course to its curriculum in February 2022, becoming the first university in Turkey to teach cryptocurrency-related subjects. Senior officials from the Presidential Palace and the Ministry of Culture attended the first class of the course.

May 2022, Bloomberg reported that Turkey is drafting legislation that may impose taxes on some transactions involving cryptocurrency. Two months later, Turkish Finance Minister Nureddin NEBATİ had a video conference with Binance founder CZ to discuss the blockchain ecosystem and cryptocurrency.

Relevant landing practices are constantly being launched, as reported by BlockBeats in December 2022. The Central Bank of Turkey (CBRT) announced the successful execution of the first payment transaction on the digital Turkish lira network. In January of this year, Turkish Vice President Fuat Oktay announced during the Digital Turkey 2023 event that citizens will be able to use digital identities created in the blockchain network to access E-Devlet.

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Source of image: AA

Turkey's domestic blockchain business also has many new developments to watch in 2023. In March 2023, the Turkish cryptocurrency trading platform Metatime announced the completion of a $11 million seed round of financing; in August, Garanti BBVA Financial Technologies, a fintech subsidiary of Turkey's Garanti BBVA Bank, announced the launch of digital asset services, which will first support Bitcoin and Ethereum transfer and custody services.

On September 1st, according to CoinDesk, BiLira, a Turkish fintech company, launched a stablecoin called TRYB pegged to the Turkish lira (TRY) on the Ethereum network. TRYB has become the second largest non-USD stablecoin by market capitalization. According to CoinGecko, TRYB's market capitalization surged 325% in three weeks, reaching $136.1 million. TRYB is now the world's second largest non-USD stablecoin, second only to EURT, a euro stablecoin launched by Tether, with a market capitalization of $224 million.