Leading crypto exchange WhiteBIT TR is happy to announce a cooperation with Neobank Misyon Bank. The collaboration seeks to simplify crypto accessibility for European investors while capitalizing on Turkey’s rising enthusiasm for digital assets.
Through MisyonTech, Misyon Bank’s digital asset and financial technology division, the common beneficiary businesses will give liquidity for key digital resources like Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), and Avalanche (AVAX) for WhiteBIT TR. The initiative represents the launch of the first bank-secured crypto-assets platform in Turkey.
Rise of Cryptocurrency in Turkey
Turkey has emerged as a major player in cryptocurrency adoption over the years. Over 50% of the Turkish population has interacted with crypto investments, a report published in cyberspace by analytics firm Kaiko noted. Economic factors, including inflation, currency devaluation, and a large unbanked population have driven this widespread adoption.
As a result of those trends, Turkey’s government approved new cryptocurrency regulations in the middle of 2024, mainly to address issues raised by the Financial Action Task Force (FATF). The law is intended to get Turkey off the FATF’s gray list, which applies to countries it says have insufficient money laundering controls.
The regulatory progress has also propelled the use of stablecoins in Turkey. By mid-2024, the monthly trading volume of the USDT-TRY pair on Binance surpassed $22 billion, making it the most traded pair in the region. Interestingly, the trading of meme coins outpaced that of Bitcoin during the same timeframe, showcasing the changing tastes of regional investors.
A Partnership for a Need in the Market
Amidst these trends, the collaboration between WhiteBIT TR and Misyon Bank stands poised to meet the increasing need for safe, accessible cryptocurrency platforms. Emre Yetişkin, WhiteBIT TR’s Chairman of the Board, praised Misyon Bank’s contribution as,
“a significant step forward in the development of the Turkish digital asset ecosystem.”
during the signing ceremony.
“Misyon Bank has achieved great strides in embedding digital assets into its offerings,”
added Yetişkin.
“This collaboration with BC-GROUP is now in perfect alignment with their shared vision to expand reliable crypto services for investors in Turkey and beyond.”
This is why Muhammet Cerit, CEO of MisyonTech, stressed the knowledge and expertise of WhiteBIT TR with the Turkish market.
“WhiteBIT TR, which has enabled its Turkish users to access it since 2022, stands out with its speed and security.”
Cerit said.
“Our agreement is the first step to provide individual investors all over Europe.”
The Rise of Turkey as a Regional Crypto Hub
Both companies’ leaders sounded optimistic about Turkey’s prospects in becoming a regional hub for cryptocurrency investments. They also see the recent regulatory framework as not only bolstering investor confidence but also positioning Turkey as a target ground for crypto-advocated enterprises.
Through its partnership with WhiteBIT TR, Misyon Bank seeks to create a synergy between traditional banking and digital assets.
“With this platform, security and compliance come first while providing access to a much wider investor base.”
Turkey’s Crypto Blueprint
As Turkey further develops its framework for digital asset regulation, partnerships such as that existed between WhiteBIT TR and Misyon Bank are likely to be foundational to the composition of the nation’s crypto environment. However, by marrying technological innovation with regulatory compliance, they could prove a model for crypto adoption and integration throughout the region.
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Frequently Asked Questions (FAQs)
1. What is the WhiteBIT TR and Misyon Bank collaboration for?
The partnership plans to focus on the Turkish and European markets, offering secure, regulated, and banking-friendly solutions for cryptocurrency trading and digital asset integration with bank accounts.
2. What cryptocurrencies are available through this partnership?
It provides support for all major cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), Avalanche (AVAX), etc., making it a comprehensive exchange all within one platform.
3. What does this partnership offer to Turkish crypto investors?
With a bank guarantee and the ability to instantly conduct cryptocurrency trading on its platform, Turkish investors can now be comfortable in knowing that they are supported by modern-day banking infrastructure infused with the technological edge that is offered by the blockchain.
4. Why Is It an Active Fighter in the Crypto Space?
And due to inflation, currency devaluation, and a large unbanked population, Turkey’s increasing crypto adoption has made the country a strategic market for digital asset innovation and investment opportunities.
