Turkey's second wave of major crypto interest: Bitfinex, Coinbase and KuCoin ramp up
Turkey is experiencing a resurgence in cryptocurrency interest as major crypto exchanges set foot in the transcontinental country. From demographics to offline marketing to currency depreciation, there is plenty of motivation for the 84 million Turkish people to sign up to the new exchanges.
Bitfinex, among the world’s largest cryptocurrency exchanges, recently announced its Turkey expansion plans (see tweet). Coinbase reportedly set its sights on acquiring local exchange BtcTurk, while Binance is launching its first customer service center.
Dünyanın önde gelen dijital varlık alım satım platformu Bitfinex çok yakında Türkiye'de. pic.twitter.com/bReVOyg1gU
For Paolo Ardoino, CTO of Bitfinex and Tether number 88 on Cointelegraph’s Top 100 from 2021, it’s about the “significant potential” Bitfinex sees in Turkey, “particularly given the proposed cryptocurrency law.” The proposed law would help to position cryptocurrencies in such as way as to support the failing Lira, Turkey’s currency.
Johnny Lyu, KuCoin CEO told Cointelegraph that it’s a matter of size: “Turkey is one of the top 5 markets at KuCoin, and it's growing pretty fast.”
Down on the ground, KuCoin country manager for Turkey, Kafkas Sönmez told Cointelegraph that “global exchanges are entering Turkey wanting to attract attention.” Interestingly, the offline element to marketing is pivotal for the Turkish audience:
Sönmez added that “social media and the internet are insufficient in terms of achieving brand awareness.”
European News Editor for Cointelegraph, Erhan Kahraman further local expertise regarding global exchanges making waves in Turkey. He explained that “in a city like İstanbul, the business hub of Turkey, almost every corner features a billboard from a top
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