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WhiteBIT TR partners with Misyon Bank to expand cryptocurrency access for European investors amid Turkey’s evolving crypto landscape.
WhiteBIT TR cryptocurrency exchange has announced a strategic partnership with Turkish neobank Misyon Bank. The firms have revealed that the goal of this collaboration is to enable Misyon Bank to connect with individual investors across Europe through WhiteBIT TR.
According to the terms of the agreement between MisyonTech, the financial technology and digital asset subsidiary of Misyon Bank, and WhiteBIT TR, the latter will provide liquidity for major cryptocurrencies, including BTC, ETH, USDC, USDT, and AVAX, on Turkey’s first bank-secured crypto asset platform.
Over the years, Turkey has emerged as a regional leader in the cryptocurrency space. According to insights from Kaiko published last year, over half of the country’s population has invested in crypto. The research firm assigns the increased adoption of crypto assets to macroeconomic factors like rising inflation, devaluation of the country’s currency, and a large population of young, unbanked citizens.
In a nod to this growing investment in the crypto sector, the Turkish parliament approved a new crypto legislation in July of last year. This legislation is expected to pull Turkey out of the FATF’s ‘gray list’ of countries with insufficient anti-money laundering measures.
It’s also interesting to note that Turkey’s inflationary economic situation has markedly increased the use of stablecoins in the country. According to Kaiko’s research, by July 2024, USDT-TRY was the largest trading pair by volume on Binance, with more than $22 billion. Notably, the meme coin trading volume overshadowed that of Bitcoin in Turkey in 2024.
Capitalizing on Turkey’s growing enthusiasm for crypto, several companies have launched exciting new initiatives. The WhiteBIT TR-Misyon partnership can be considered as one such move. At the signing of the partnership, Emre Yetişkin, Chairman of the Board of WhiteBIT TR, praised the progress Misyon Bank made as a pioneer in Turkey’s digital asset space.
Meanwhile, Muhammet Cerit, CEO of MisyonTech, stated that WhiteBIT TR, which has been serving Turkish users since 2022, is one of the exchanges that knows the country and its market, standing out in Turkey with its speed and security features.
“The agreement we signed today with WhiteBIT TR is the first stage of our goal to reach individual investors in Europe,” said Muhammet Cerit.
The leaders of both firms also believe that the new regulations on digital assets in their country have strengthened Turkey’s position as a regional investment hub.
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