WhiteBIT TR, a cryptocurrency exchange, has recently announced a strategic partnership with Misyon Bank, a Turkish neobank, in a move to expand cryptocurrency access for European investors amidst Turkey’s evolving crypto landscape. The collaboration between the two firms aims to enable Misyon Bank to connect with individual investors across Europe through WhiteBIT TR’s platform.
As per 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 such as BTC, ETH, USDC, USDT, and AVAX on Turkey’s first bank-secured crypto asset platform. This partnership comes at a time when Turkey has emerged as a regional leader in the cryptocurrency space, with over half of the country’s population reportedly investing in crypto assets, according to insights from Kaiko.
The increased adoption of crypto assets in Turkey can be attributed to macroeconomic factors like rising inflation, devaluation of the country’s currency, and a large population of young, unbanked citizens. In response to this growing trend, the Turkish parliament approved new crypto legislation in July of the previous year, with the aim of improving anti-money laundering measures and potentially removing Turkey from the FATF’s ‘gray list’ of countries with insufficient AML measures.
Furthermore, Turkey’s inflationary economic situation has led to a surge in the use of stablecoins in the country, with USDT-TRY becoming the largest trading pair by volume on Binance by July 2024, surpassing even Bitcoin. This shift towards stablecoins and cryptocurrencies has prompted several companies to launch new initiatives in the crypto space, with the WhiteBIT TR-Misyon Bank partnership being one such move.
At the signing of the partnership, Emre Yetişkin, Chairman of the Board of WhiteBIT TR, commended Misyon Bank for its pioneering efforts in Turkey’s digital asset space, while Muhammet Cerit, CEO of MisyonTech, highlighted WhiteBIT TR’s reputation for speed and security in the Turkish market. Both leaders expressed optimism about reaching individual investors in Europe through this collaboration and emphasized the importance of the new regulations on digital assets in strengthening Turkey’s position as a regional investment hub.
Overall, the partnership between WhiteBIT TR and Misyon Bank signifies a significant step towards expanding cryptocurrency access for European investors and capitalizing on Turkey’s growing enthusiasm for crypto assets. With the crypto landscape in Turkey continuing to evolve, collaborations like this are expected to play a crucial role in shaping the future of the industry in the region.