As part of a newly formed partnership with local banking giant Vakıfbank, cryptocurrency exchange Bitfinex now allows its Turkey users to deposit Turkish Lira (TRY) directly from their bank accounts at zero-cost.
Bitfinex Provides Easy Access to Crypto Market
Effective immediately, users can visit the Bitfinex Turkey web platform to perform these transactions. This offering is also accessible via Bitfinex mobile app.
“We are proud to offer Turkish customers the ability to deposit TRY seamlessly and cost-effectively into their Bitfinex Turkiye accounts. By integrating with Vakıfbank, one of Turkiye’s largest banks, we are making it easier than ever for customers of Bitfinex Turkiye to access the cryptocurrency market,” Paolo Ardoino, the CTO of Bitfinex, announced.
Bitfinex Seek a Slice of the Turkish Market
Apart from the zero-cost TRY deposits, Bitfinex is proposing a TRY/USDT trading pair promotion which will last for six months. During this time, the fees for this kind of offering would be reduced, that is, just 0 bps for makers and 4bps for takers on its TRY/USDt pair. Bitfinex Turkey users also get to enjoy zero-fees withdrawals for up to 2 million TRY.
All of these are part of a strategy for the crypto exchange to establish and expand its presence in the country. Already top digital asset service provider Binance dominates the Turkish market with other competitors including Bitget and OKX, just entering the market in May.
Beyond Bitfinex, Institutional Investors Shows Interest in Crypto
Bitfinix acknowledges this strategic partnership with the traditional financial institution as a part of its dedication to bring user-friendly, stable and diversified services to its Turkish users. It also underscores an increased interest of institutional investors like BlackRock, Fidelity, Invesco, Valkyrie and PayPal in the crypto ecosystem.
Most of these investment asset management firms have filed an application with the United States Securities and Exchange Commission (SEC) to list spot Bitcoin (BTC) Exchange Traded Fund (ETF).
So far, no positive response has been received from the regulator but when an approval eventually comes, the recipients will be able to provide its customers with BTC-related services without directly exposing them to the cryptocurrency.