Tether partners with BTguru to explore new business lines and educational initiatives in Turkey's banking sector, aiming to enhance the country's crypto adoption and blockchain technology knowledge.
Tether Partners with BTguru to Expand Crypto Initiatives in Turkey
Stablecoin leader Tether is strategically increasing its presence in Turkey by partnering with local cryptocurrency firm BTguru. This collaboration aims to introduce new business lines and enhance industry knowledge in the region’s banking sector, a significant move that underscores Turkey's growing importance in the global crypto landscape.
Educational Initiatives and Strategic Partnership
Tether, the issuer of the widely used stablecoin USDT, has signed a memorandum of understanding (MoU) with BTguru to evaluate and develop digital asset-related educational programs in Turkey. Announced on July 2, this partnership aims to educate both private and public stakeholders on the benefits of cryptocurrency and blockchain technology.
BTguru, which positions itself as a technology and strategy partner specializing in virtual crypto assets for banks, will work closely with Tether to promote peer-to-peer (P2P) technology. Through BTguru’s connections, the partnership will facilitate discussions with financial institutions, exploring real-world asset tokenization use cases for banks and evaluating regional payment network scenarios.
Commitment to Digital Asset Promotion
Paolo Ardoino, Tether’s CEO, emphasized the transformative potential of digital assets and P2P technologies. “This MoU has the potential to provide a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that could promote freedom and educate people across Türkiye,” Ardoino stated.
Can Bukulmez, a partner at BTguru, highlighted the collaboration’s goal of introducing new business lines with Tether. The partnership will evaluate how these business lines can be integrated into Turkey’s banking verticals and the emerging digital assets sector.
Turkey: A Global Cryptocurrency Hub
Tether’s expansion in Turkey aligns with the country’s rapid cryptocurrency adoption. According to Binance data, Turkey ranks fourth in transaction volume and 12th in adoption, with an impressive rate of 40%. Stablecoin purchases constitute a significant portion of Turkey’s gross domestic product (GDP), accounting for 4.3%—the highest share globally, as reported by Chainalysis.
Mücahit Dönmez, Binance TR’s general manager, noted Turkey’s prominent position in the global crypto ecosystem. “With the interest of the Turkish community in digital assets and blockchain technology, Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes,” Dönmez said.
Challenges and Regulatory Milestones
Tether and Binance’s efforts to deepen their involvement in Turkey follow a substantial hack of the local crypto exchange BtcTurk, where hackers stole over $100 million in crypto on June 22, according to Peckshield. This incident underscores the ongoing challenges in the crypto space.
On the regulatory front, Turkey has made significant progress. In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, citing improvements in its Anti-Money Laundering (AML) and counter-terrorist financing regimes. This regulatory milestone is crucial as Turkey accelerates its efforts to introduce comprehensive crypto regulations in 2024, as previously reported by Cointelegraph.
Tether’s collaboration with BTguru marks a pivotal step in expanding crypto education and exploring new business lines in Turkey. As the country continues to solidify its status as a global cryptocurrency hub, the partnership aims to harness the transformative power of digital assets and blockchain technology, promoting a more informed and secure financial ecosystem.
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(HELEN PARTZ, COINTELEGRAPH, 2024)