Seychelles-based crypto exchange OKX has enabled deposits and withdrawals for Turkish Lira. The service is available to users on Android, iOS or web platforms, and they can commence trading right away.
This is a move to harness the growing interest in crypto coming from Turkey recently.
“Our goal is to become the leading crypto platform in Türkiye. This starts with listening to the community about their needs and investing in the market, Chief Marketing Officer at OKX, Haider Rafique said in a statement.
“We want to give the Turkish community a platform to explore, experiment and dream up the future with us. Perhaps we will see the next big thing come out of Türkiye with the support from us and other crypto companies,” Rafique added.
Turkey Turns to Crypto
The crypto market in Turkey has been on the rise with thousands of its citizens resorting to the use of crypto. This is as a result of the falling Lira which has lost a significant percentage of its value over the years due to inflation.
Inflation figures reached a 24-year peak of 85% last year October. Although the inflation has mostly stagnated this year, it hasn’t made any significant improvement, causing Turks to run to crypto as a hedge against the inflation ravaging the economy.
OKX Increasing Presence in Turkey
OKX is already making moves to make its presence known in Turkey. The exchange recently announced its name sponsorship of Istanbul Fintech Week scheduled for 13-14 April, 2023. Its Global Government Relations Officer Tim Byun is expected to deliver a speech there.