OKX Debuts Turkish Crypto Platform, Eyes Growing DeFi Potential

BySamson Ononeme

Feb 27, 2024 ,
The Turkish version of OKX's exchange, OKX TR, offers lira deposits and English/Turkish customer assistance to serve passionate local retail traders.

Key Insights

  • OKX launches dedicated crypto exchange OKX TR for Turkish market, eyes growing adoption
  • Platform offers lira deposits/withdrawals via local bank partners, 24/7 Turkish customer support
  • Executives cite nearly 50% crypto adoption rate in Turkey, potential to be Web3 innovation hub

ISTANBUL (MarketsXplora) – Cryptocurrency exchange OKX on Tuesday launched its dedicated Turkish platform OKX TR, allowing users to trade major coins against the lira as the country emerges as a hotspot for crypto and decentralized finance (DeFi).

The Turkish arm offers localized features including lira deposits and withdrawals via partnerships with banks like VakıfBank and Şekerbank, along with Turkish and English customer support.

OKX is rolling out the new exchange after setting up a local office last year, with plans to grow in the market where nearly 50% already use cryptocurrencies based on adoption data.

“With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop,” said OKX President Hong Fang, citing strong engagement.

The exchange lets users trade USD Tether – a major stablecoin – Bitcoin and Ether against the Turkish lira.

OKX TR Chairman Mehmet Çamır also backed Turkey to be a nexus for development around blockchain-based decentralized finance.

“Already a global leader in crypto trading, Türkiye is also in a prime position to grow in the decentralized finance space. We’re excited to support this development,” he said.

Read our full OKX Turkey Review

OKX’s international push comes as cryptocurrencies gain traction in emerging markets with high inflation and currency volatility. The exchange offers trading in hundreds of token pairs against stablecoins.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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