- Paxful, recently partnered with two Turkish crypto businesses — BiLira and Cointral.
- Partnership with BiLira will allow users to buy other coins with Bilira stablecoin.
- Meanwhile, team-up with Cointral will bring new payment methods to the platform.
Crypto platforms are starting to team up in order to bring digital coins to new markets. Recently, a new such partnership was announced with the goal of pushing crypto trades in Eastern Europe, and it includes P2P exchange, Paxful, which teamed up with Turkish BiLira and a trading platform Cointral.
Benefits of the team-up
According to Paxful, the move came due to increased trading activity and registrations by Turkish users. Over the past year, the platform noticed a lot more interest in the region, which is why it decided to team up with Cointral and BiLira, both of which are Turkish services.
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Paxful also revealed that the average monthly trading volume in Turkey exceeded $65,000, which was enough to awaken interest in the Eastern European region.
As some may know, BiLira is a group that was responsible for the creation of Bilira (TYRB), a Turkish lira-backed stablecoin, which Paxful recently listed. Thanks to its partnership with the group, users will now have the ability to use Bilira coins to buy and sell other cryptos, including Bitcoin and Tether.
Considering the troublesome financial situation in Turkey, and the lira’s own instability, Bitcoin can become very useful to the locals as a way of preserving wealth. A similar situation was already seen in Venezuela, whose citizens have been turning to crypto for years now, in an attempt to save their wealth from hyperinflation that made the bolivar nearly worthless.
As mentioned, Paxful’s other partner is the Turkish crypto trading platform, Cointral. By partnering with this service, Paxful’s web-based kiosk would be integrated with Cointral’s own platform.
This would also bring certain benefits to users, such as allowing them to make payments with new payment methods, such as gift cards and bank transfers.
In the end, Paxful’s new partnerships will make it easier for Turkish crypto enthusiasts to buy the coins and enter the global crypto industry. Meanwhile, its partners will see more business, receive greater exposure, and get a new major partner who can help them grow further.