Turkish Bank Applies To Partner With Crypto Exchange Stablex
Ak Investment, a subsidiary of Akbank, has submitted an official application to partner with Stablex, a Turkish crypto exchange. The move is part of the bank’s exploration of cryptocurrencies and their potential in the Turkish market. Ak Investment’s recent partnership with Binance solidified its interest in the crypto sector as the duo explores direct Turkish Lira transfers.
In addition, Bitfinex also announced yesterday that it will start providing services in Turkey. Turkey is currently one of the most active countries in the world for cryptocurrency transactions. https://t.co/HahrBjKr0a
— Wu Blockchain (@WuBlockchain) March 18, 2023
Partnership with Stablex
According to Turkish publication Dunya, Ak Yatrm Menkul Değerler is set to take control of the majority of Stablex Bilişim Teknoloji A.S. shares. Negotiations between the parties began last year, and while they are yet to reach an agreement and obtain official approval from regulators, this recent move indicates progress towards a potential partnership.
Stablex, which was established in May 2020 by Jihad Shannak, is an Istanbul-based intermediary for cryptocurrency trading in Turkish Lira. Jihad Shannak is also the Turkish affiliate of Dubai-based Orion Investment, Noor Capital Market Menkul Degerler A.S., and Orion Investment Menkul Degerler A.S.
Boosting Cryptocurrency Adoption in Turkey
Turkey has shown support for cryptocurrencies, ranking 12th out of 154 countries in the 2022 Geography of Cryptocurrency report by Chainalysis, a blockchain and cryptocurrency analysis firm. This has led Bitfinex, a cryptocurrency exchange, to announce that it will begin offering services in Turkey, with the aim of enabling local clients to trade cryptocurrencies with low entry barriers.
The move towards a partnership with Stablex comes amid a banking turbulence in the United States, with several banking institutions collapsing. This has triggered a crypto and bitcoin (BTC) rally this week, making it an opportune time for Ak Investment to explore the potential of the crypto market.
The partnership with Stablex could lead to greater adoption and use of cryptocurrencies in Turkey, with the potential for other financial institutions to follow suit. However, the approval of regulators will be crucial in determining the success of the partnership and the future of cryptocurrency in Turkey.
