Crypto exchange WhiteBIT TR has partnered with Turkey’s first neobank to expand its services for European audience.
According to the official report, the WhiteBIT TR cryptocurrency exchange and Misyon Bank, Turkey’s first neobank, have formed a strategic alliance.
Under the partnership, Misyon Bank will be able to reach individual investors throughout Europe via WhiteBIT TR. This will be the third significant project of the latter in the digital assets field, after two international collaborations.
What Will The Partnership Include?
The agreement between WhiteBIT TR and MisyonTech, the financial technology and digital asset subsidiary of Misyon Bank, states that WhiteBIT TR will offer liquidity for major cryptocurrencies, such as BTC, ETH, USDC, USDT, and AVAX, on Turkey’s first bank-secured crypto asset platform. The platform also has advanced tokenization capabilities.
Misyon Bank, which is on the Capital Markets Board’s Crypto Asset Service Providers List, is the first organization in Turkey to be authorized to provide both custody and platform services in the cryptocurrency industry, according to WhiteBIT TR chairman Emre Yetişkin.
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Yetişkin stated, “Turkey, as a regional leader in the crypto asset sector, also dominates stable cryptocurrency trading volumes in the region.”
They add, “We commend Misyon Bank’s progress as a pioneer in Turkey’s digital asset space, aligning with global trends while showcasing a forward-thinking regional vision. We are proud to contribute to Misyon Bank’s journey as it advances toward its ambitious goals.”
New Partnership Comes As Turkey and Europe See Skyrocketing Crypto Growth
The partnership between WhiteBIT TR and Misyon bank comes as both Turkey and Europe has seen a skyrocketing growth in the crypto sector.
In recent years, the Turkish cryptocurrency market has grown remarkably. Currently, more than 50% of the populace has made cryptocurrency investments.
Macroeconomic variables including high inflation, currency devaluation, and a youthful, mainly unbanked populace are mostly to blame for the activity boom.
Local regulators have taken notice of this quickly expanding business. In July 2024, following great anticipation, Turkey unveiled its first crypto law, which requires crypto-asset service providers (CASP) to get licenses and comply with regulations.
Additionally, with growing acceptance and new financial instruments set to draw even more traders, Europe’s booming cryptocurrency sector is currently ranked second globally.
In the cutting-edge cryptocurrency industry, European investors have emerged as a major force, and adoption in the eurozone is predicted to keep up its rapid pace. With increasing liquidity, the euro is the second most traded fiat currency for spot cryptocurrency transactions, after the USD.
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