By
Chimamanda U. Martha
May 7th, 2024
This expansion journey that OKX has embarked upon comes at a very interesting time for the crypto industry. After enduring a harsh winter that saw companies cut staff and roll back operations, things seem to be looking up.
In the last few months, we’ve seen many developments from OKX. The exchange announced that it would delist several tokens, including Monero. It also announced an expansion to the Middle East last month in a bid to grow its reach around the world. It seems that the exchange has big plans for this year, as it has now expanded to Turkey as well. This move was announced on February 27, 2024, and will see several trading pairs now available for users.
OKX in Turkey
Some of the many trading pairs that Turkish residents now have access to include USTD/TRY, BTC/TRY, and ETH/TRY. Along with the trading pairs, users can also enjoy advanced trading features such as OKX Wallet, its non-custodial Web3 wallet. Using this wallet, users can store crypto, as well as other blockchain-based assets like NFTs.
This wallet is unique in that it is the first wallet to offer Multi-Party Computation (MPC) technology and Account Abstraction (AA) features. These features mean that using the wallet will be easier for customers who are less tech-proficient.
Deposits can be made in the local currency, and this is made possible through OKX’s partnerships with local banks like Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans.
This move was first announced back in May 2023 and speaks to OKX’s desire to have a more global reach. Turkey has been lauded for its crypto adoption, with at least 2.4 million people estimated to be using crypto in the country.
Some of the incentives for residents have included the high inflation that it has seen over the years. Consumers have been found to use cryptocurrency as a hedge against inflation, and this would explain the current crypto adoption numbers in Turkey.
This was also a sentiment shared by OKX President Hong Fang, who said:
“With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop. The population’s high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we’re strongly committed to helping continue to grow this already vibrant ecosystem.”
The Right Time to Expand
This expansion journey that OKX has embarked upon comes at a very interesting time for the crypto industry. After enduring a harsh winter that saw companies cut staff and roll back operations, things seem to be looking up.
With the spot Bitcoin ETF being approved, a halving on the way, and a greater sense of optimism overall, crypto use globally is expected to rise this year. For any crypto exchange, now would be a good time to position themselves in major markets, and it seems that OKX got the memo.