Leading cryptocurrency exchange Binance is teaming up with Akbank, the fourth-largest bank in Turkey by assets under management. The collaboration enables users to instantly deposit and withdraw Turkish Lira (TRY) on Binance through its iOS app and desktop while enjoying the “most competitive fees in Turkey.”
Binance’s partnership with Akbank comes after a 2019 poll revealed that Turkey is one of the largest cryptocurrency markets in the world.
The Statista Global Consumer Survey shows that 20% of the respondents polled in the country claimed that they currently own or had used cryptocurrencies.
Binance’s latest move highlights the company’s aim to increase its number of fiat on-ramps. In addition to the Turkish Lira, the crypto exchange also provides support for the Thai bhat, Argentine peso and British pound.
Binance CEO Changpeng Zhao says that the exchange continues to lower the barrier to entry by expanding available options.
“As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.”
The size and scope of Binance’s new partner demonstrates how legacy giants and budding blockchain companies are building strategic alliances.
Akbank, touted as one of the most forward-thinking banks in Turkey, has a chain of over 901 branches across the country with a labor force of 14,000-strong employees. The bank has more than 5,000 ATMs and over 600,000 point-of-sale terminals and other direct payment channels, including online and mobile, to serve its nearly 18 million customers.