In early 2023, OKX announced plans to expand into Turkey, then introduced Turkish traders to a local exchange designed specifically for them, OKX.TR, and now OKX.TR offers trading pairs denominated in Turkish Lira (TRY) to make things easier.
OKX exchange has a new look in Türkiye and better features
Cryptocurrency exchange OKX has pulled back the curtain on OKX.TR, its new Turkish subsidiary designed specifically for Turkish traders. The new platform offers trading pairs denominated in Turkish Lira (TRY), such as USDT/TRY, BTC/TRY,ETH/TO TRY.
OKX's decision reflects its strategic vision to capitalize on emerging markets. At a time when a growing number of Turks are flocking to cryptocurrencies to escape inflation and seek profit and take advantage of the market rise. OKX's efforts therefore appear to respond to the growing interest in digital assets in Turkey.
It should be noted that Turkey is currently suffering from record levels of... Inflation rate. Despite the monetary tightening policy adopted by the government since May 2023 to reduce inflation, inflation continues its upward trend, reaching a record level last January, approaching 65 percent.
Despite the uncertainty, the Turkish government is relatively tolerant of cryptocurrency activities. Perhaps you are aware of its widespread use and the potential consequences of denying a large portion of the population a refuge from inflation.
In an interview with CoinDesk, OKX President Hong Fang said:
“Turkey is a very important and particularly important market for us. It ranks very well in terms of cryptocurrency adoption and cryptocurrency trading volume. There is a natural tendency to look for value in the Bitcoin in Turkey, especially for wealth preservation."
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Turkish banks enter the cryptocurrency sector
As the Turkish government prepares to introduce new legislation for the cryptocurrency sector, two of Turkey's largest banking groups announced their entry into the cryptocurrency sector last December.
Akbank's investment arm has announced that it has acquired local cryptocurrency firm Stablex, with a senior Akbank official revealing that the group wants to become a major player in the digital assets space.
Garanti BBVA, another Turkish bank, has also launched its own cryptocurrency wallet app. The app has a cold wallet feature and allows users to send and receive assets such as Bitcoin (BTC), USDC, and Ethereum (ETH).
As a reminder, OKX has obtained a minimum viable product (MVP) introduction license from Dubai Virtual Assets Authority (VARA). With this license, the exchange was able to expand its business in the region and increase the number of its current employees as a Virtual Asset Services Provider (VASP).
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