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
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.
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