Bitfinex Turkey offers zero-cost deposits via local banking giant

Quick Take

  • Bitfinex announced users in Turkey can deposit Turkish Lira directly into their accounts at no cost thanks to a partnership with Vakıfbank, the country’s second-largest bank.

Crypto trading platform Bitfinex has announced customers in Turkey can now deposit Turkish Lira directly into their accounts at no cost.

The company said it created the integration with the participation of Vakıfbank, a major Turkish bank, according to a statement. This could help Bitfinex expand its footprint in Turkey. which is one of Binance's biggest markets.

Turkish customers now have "the ability to deposit [Lira] seamlessly and cost-effectively" into their accounts, Bitfinex CTO Paolo Ardoino said in the statement. "By integrating with Vakıfbank ... we are making it easier" for customers to access the cryptocurrency market.

Turkey's second-largest bank


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While the prolonged bear market for crypto persists, in recent months several examples of traditional institutions further embracing crypto have emerged including Fidelity, BlackRock and PayPal. Founded in the 1950s, Vakıfbank is Turkey's second-largest bank.  

The integration between Bitfinex and a traditional bank follows the crypto platform announcing last month it had launched a peer-to-peer exchange servicing clients in Argentina, Venezuela and Colombia.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.


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