Bitget Launches Instant Lira-to-Crypto Conversions for Turkish Consumers
Bitget, a global crypto exchange and Web3 firm, has introduced a new feature that allows Turkish customers to instantly convert their Lira to cryptocurrencies. With the “easy buy and sell” feature, users can deposit Lira directly from their bank accounts and convert them to Tether USD (USDT) or Bitcoin (BTC) without waiting for funds to clear or transfer.
This move aims to provide a seamless and easy-to-use experience for Turkish consumers and accelerate the mass adoption of cryptocurrencies in the region. Gracy Chen, Managing Director at Bitget, stated that this addition aligns with their plans of delivering localized crypto products in Turkey.
Crypto Adoption in Turkey
Turkey has witnessed a significant surge in crypto ownership, with the highest national ownership rate in the world alongside Nigeria. According to Statista, ownership has increased from 16% to 47% over the past three years. The country also ranked 12th in the Chainalysis 2023 Global Crypto Adoption Index.
The rapid devaluation of the Lira since 2021, with an annualized inflation rate of 61.5%, has driven this adoption. Turkish citizens are seeking alternative assets like BTC to protect their wealth. In fact, TRY became the top traded fiat currency on Binance in September, accounting for 75% of all fiat volume.
Hot Take: Streamlining Access to Crypto for Turkish Consumers
Bitget’s launch of instant Lira-to-crypto conversions is a significant step towards streamlining access to digital assets for Turkish consumers. With this new feature, users can easily convert their Lira funds into popular cryptocurrencies without any delays or complications. This move aligns with Turkey’s growing crypto adoption, driven by the rapid devaluation of the Lira and the need for alternative assets. Bitget aims to provide a seamless and localized crypto experience in Turkey, contributing to the acceleration of mass adoption. As the country continues to embrace cryptocurrencies, innovations like instant conversions will play a crucial role in expanding the crypto market in Turkey.
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