Turkey’s Cryptocurrency Industry Performs Well Despite Economic Challenges
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Despite Turkey’s difficult economic circumstances and the ongoing global crypto market’s challenges, the Turkish cryptocurrency industry has performed excellently. This is evidenced by the fact that crypto companies in Turkey have been raising funds and launching new industries one after the other.
Turkish Crypto Startup Metatime Pulls $11M in New Funding https://t.co/KzHRQOUirj pic.twitter.com/q0mf2QPzyu
— Cryptoprowatch (@cryptoprowatch) March 22, 2023
However, the reason for its outstanding performance might be attributed to the growing interest in cryptocurrency use in Turkey, which is being fueled in part by rising inflation and the declining value of the Turkish lira.
Metatime Raises $11 Million and Launches MetaCoin (MTC)
Metatime, a company that works for cryptocurrencies in Turkey, got an $11 million investment from some people who believe in their work. Some of these people are the Turkish investment group Yildiz Tekno GSYO, Turk Telecom, Halkbank, and Kalyon Holdings.
Turkish crypto exchange @metatimecom
raised $11M in a seed funding round from Yildiz Tekno GSYO. pic.twitter.com/L7GNbP5TmX
— ARES Alpha Labs (@AresLabs_xyz) March 22, 2023
Furthermore, Metatime sold about 200 million of its digital tokens called MetaCoin (MTC) to more than 30 investors from Germany, Turkey, and Denmark. In short, Metatime wants to offer different ways for people to use its platform, like trading, staking, borrowing, and lending.
It is also worth noting that the government of Turkey is also on the verge to introduce a new digital currency called the digital Turkish lira and is planning to use blockchain technology for digital identification and login systems for its public services.
Several cryptocurrency-related companies in Turkey are confident about the sector’s future. Turkey has lately increased its usage of digital currency, prompting certain well-known cryptocurrency exchanges such as BtcTurk, Paribu, and Bitay to compete for more users.
Top 10 Countries by Crypto Adoption
The survey by Statista polled between 2000 to 24,000 residents in 56 countries. Here are the top 10 ranking countries leading crypto adoption. pic.twitter.com/vrxqix2nb9
— John Wick🏴 (@JohnWick_589) February 15, 2023
It is worth recalling that the cryptocurrency market experienced a long period of decline last year, which affected cryptocurrency exchanges in Turkey. As a result, the daily transaction volume among Turkey’s leading crypto platforms decreased from $850 million in 2021 to $145 million.
Although, the decline was short-lived as many people in Turkey showed a lot of interest in digital assets, which help the transaction volume to limit its losses. This is because the Turkish lira has been losing value due to high inflation and currency devaluation. As a result, people are looking for alternative ways to save and transfer money, and cryptocurrencies have become popular for this purpose.
Turkey Tests Digital Turkish Lira and Plans to Integrate Blockchain Technology with Public Services
As we previously mentioned that Turkey’s Central Bank has completed testing its digital currency project called the digital Turkish lira. However, this trial involved making payment transactions using distributed ledger technology with selected stakeholders.
🇹🇷 Digital Turkish lira to be launched in 2023.
Not only #Turkey but number of other countries are expected to introduce CBDC in the very near future.
— Crypto N0oB 💎 (@stauseefahmed) January 2, 2023
Turkey’s Central Bank plans to continue testing throughout 2023, involving more banks and fintech companies. It aims to integrate the digital lira with its national digital identity system so that users can verify their identities and access public services online. The government platform, E-Devlet, will use a blockchain-based digital identification and login system and will be integrated with most public services in the country.