Paxful & Cointral partner to provide easy crypto access & liquidity in Turkey
By Pavithra R
Crypto assets are gaining huge momentum among Turks. Surveys report finds that nearly 20% of Turks have owned or used crypto assets. Following the recent devaluation of the local currency Lira, the government has decided to focus on blockchain adoption as part of its economic roadmap, including a proposal to design a Central bank digital currency (CBDC) based on blockchain technology. This enthusiasm for crypto adoption is specifically beneficial to cryptocurrency marketplaces like Paxful.
“We’ve seen steady growth in Turkey for the past few months and it’s only fitting that we put more effort into the market. We are excited to partner with Cointral in bringing an easy fiat-to-cryptocurrency on-ramp and provide diverse payment methods for buying crypto to their user base,” said Ray Youssef, CEO, and co-founder of Paxful.
Under the partnership, Cointral platform will integrate web-based Paxful Kiosk giving its users access to diverse payment methods. The integration enables Cointral customers to choose from a variety of payments and currencies, making crypto purchases seamless in the global market.
“In addition to our goal to maximize the quality of our operations in Turkey, we plan to pursue our objective of being a pioneer in the use of cryptocurrencies in the world with global partnerships. We are pleased to offer a professional variety of payment methods to our users with our partnership with Paxful,” said Ugur Hakan Cakan, Cointral Chairman of the Board and CEO.
Recently, P2P bitcoin marketplace Paxful added Tether (USDT) to its platform.
Founded in 2015, Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. The company’s mission is to empower the forgotten 4bn unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. According to company data, Paxful has hit 4.5 mn registered wallets, reached 4.6 bn USD in trading volume, and reduced dispute levels to under 1%.
IBSi Daily News Analysis
February 28, 2024
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage