- Binance partners with Akbank to allow for instant deposit and withdraw Turkish Lira (TRY) on its platform
- With the latest move, the exchange is lowering the barriers to entry and make dealing in crypto seamless
The world’s leading cryptocurrency exchange Binance has integrated its first bank avenue with Turkey’s Akbank, announced the exchange on Monday.
The biggest bank in Turkey which is also one of the ”most forward-thinking” banks in the country has joined another leader from the crypto space. Starting today, this partnership allows users to instantly deposit and take out Turkish Lira (TRY) via its iOS app and desktop at the “most competitive fees in Turkey.”
With this step, the crypto exchange which recently announced Binance Cloud in its attempt to become the Amazon of the crypto space is further lowering the barrier to entry. Binance CEO, Changpeng Zhao said,
“As part of our mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets, we are expanding the available options to lower the barrier to entry.”
Making Dealing in Cryptos Seamless
Since its launch in 2017, Binance has grown immensely by expanding its reach all over the world and introducing new features and products one after another. The idea, CZ says is to make dealing in crypto seamless.
“As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.”
With this Binance fiat gateway, the exchange allows users to use a credit card to directly purchase Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash. Currently, the platform offers over 150 cryptos and more than 450 trading pairs to its customers.
Though the first banking partnership, throughout the past year, Binance has been rapidly adding new partners to its ecosystem to reach out to a wide audience, all over the globe, they have users spread over 180 countries and regions. And it is “striving to create more ways to purchase cryptocurrency with fiat in a fast and secure manner.”
Binance’s native crypto BNB meanwhile, saw some flakes of green today while trading at $19.58. The 9th largest cryptocurrency by market cap is up 40.17% in 2020 so far and down 50% from its all-time high of $39.45 hit in June 2019.