Tether Expands in Turkey: Partners with BTguru to Boost Crypto Education and Adoption
Summary:
Tether, the issuer of USDT stablecoin, is expanding its operations in Turkey through a partnership with local crypto platform BTguru, focusing on enhancing digital asset knowledge in the country. Both firms look to educate stakeholders about cryptocurrencies and blockchain, explore real-world asset tokenization cases for banks, and consider regional payment network scenarios. The move comes as Turkey experiences a significant rise in cryptocurrency adoption, ranking fourth in global transaction volume.
Tether, the issuer of the USDT stablecoin, is expanding its reach in Turkey through a collaboration with local cryptocurrency platform BTguru. Announced on 2nd July, the partnership will focus on enhancing knowledge about digital assets in the country. BTguru specializes in blockchain technology, mainly for banking institutions.
In this collaboration, Tether plans to develop programs aimed at educating both private and public sector stakeholders in Turkey about the benefits of digital currencies and blockchain technology. The partnership also seeks to leverage BTguru’s networks to promote peer-to-peer technology among the country's financial institutions.
Tether and BTguru will also consider practical use cases for tokenizing real-world assets for banks and analyze potential scenarios for regional payment networks. The aim is also to figure out possible business expansions in the banking sector of Turkey.
Paolo Ardoino, CEO of Tether, highlighted the commitment between Tether and BTguru to bring about change through digital assets and peer-to-peer tech. Ardoino believes this partnership could lay a solid groundwork for understanding and responsible use of digital assets, as Turkey embraces this next-generation technology.
Expressing enthusiasm about the Tether partnership, BTguru’s partner Can Bukulmez said it opens up opportunities for new business lines with the firm.
The move by Tether to expand in Turkey emerges as the country experiences a surge in crypto adoption. Binance data shows Turkey ranking fourth in transaction volume and twelfth in adoption globally. Remarkably, the country's stablecoin purchases represent 4.3% of its total GDP, according to Chainalysis, marking Turkey as a significant player in the global crypto landscape.
This partnership follows major setbacks in the Turkish crypto space, particularly the BtcTurk hack where hackers made away with over $100 million in cryptocurrencies. Yet, despite these setbacks, progress continues, especially with Turkey being removed from the FATF (Financial Action Task Force) gray list in late June, a move seen as a significant step towards combating Money Laundering and terrorist financing in the country.
Published At
7/2/2024 5:08:31 PM
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