Kriptomat starts a new Turkish Exchange
And what this means for the rest of us…
Kriptomat has recently started trading in Turkey, allowing citizens to purchase many of the leading cryptocurrencies through their platform.
Why’s this important for the rest of us? Because of the recent trouble with Turkey’s currency — the lira — the people of Turkey have jumped on cryptocurrencies as a way to store their wealth in alternative assets. They’re now major players in the world of crypto — so much so that exchanges are opening up for their business.
And you can see why.
Repeated flash crashes have seen the lira fall to historic lows. In the last year alone, it’s lost nearly 50% of its value against the US dollar. While this may seem to mirror the downtrend we’ve seen in crypto this year, the Turkish situation is different: the lira has been seeing a longterm decline.
The Turkish market, then, is an irresistible one for crypto exchanges. Previously, Turkey has had limited access to cryptocurrency platforms, and we can expect high demand from this market on exchanges that operate on the country.
Kriptomat is already operating in 35 other countries in Europe besides Turkey and is hoping to become one of the premier services in Europe for Euro fiat to crypto conversion. This latest move should be seen as a savvy business decision — and one that already seems to be paying off.
They’ve recently added Augur (REP), Gnosis (GNO) and 0xProject (ZRX) to their platform, along with their existing Bitcoin, Ethereum and OmiseGO exchanges. With 23 languages available, we expect to see them do great things within the EU and — maybe even — a strong competitor for Coinbase in the near to longterm.
Until next time!
The Token News Team.
