Thomas Daniels
Crypto trading platform OKX has unveiled a new service tailored for the Turkish market, providing trading options pegged to the Turkish Lira.
OKX’s executive Hong Fang highlighted the pivotal role of Turkey in the cryptocurrency landscape, pointing out the country’s notable adoption rates and trading activities.
“Turkey holds a unique and significant position in our strategy due to its advanced level of cryptocurrency engagement and substantial trading volumes,” Fang commented during a discussion.
Fang drew attention to Turkey’s economic hurdles, such as high inflation rates, which have positioned cryptocurrency as an essential financial tool for numerous citizens.
In response to potential concerns about disenfranchising users, the Turkish authorities have adopted a flexible approach towards cryptocurrencies, fostering growth within this sector.
In early 2023, OKX detailed its expansion strategy into the Turkish market, introducing trading pairs like USDT/TRY, BTC/TRY, and ETH/TRY to cater to the local clientele.
Major Turkish financial institutions, including Akbank and Garanti BBVA, have embarked on cryptocurrency initiatives, contributing to the country’s efforts in crafting a regulatory environment for cryptocurrencies.
Beyond its Turkish ventures, OKX also operates in several other locations, such as Hong Kong, the United Arab Emirates, and the Bahamas.
