BtcTurk, Turkey’s largest cryptocurrency exchange, has now integrated Dash into the platform with Bitcoin (BTC) and Tether (USDT) trading pairs, as well as Turkish lira pairs on the PRO version, expanding liquidity options in the country.
[tweet https://twitter.com/Blockchaintecno/status/1205139595320532993 align=’right’] Established in 2013, the BtcTurk exchange is Turkey’s largest cryptocurrency exchange, with all major cryptocurrencies supported. According to the Blockchain Transparency Institute, BtcTurk is a top-25 exchange, with about $3.45 million in 24-hour trading volume at time of writing. The addition of Dash to the platform expands access to the cryptocurrency in a critical target market. According to CoinMarketCap, Dash currently has Turkish lira trading pairs on the Sistemkoin, Vebitcoin, Koineks, Bitci, Ovis, and Koinim exchanges.
Throughout 2019, Turkey has struggled with currency devaluations of the lira, with the inflation rate reaching as high as 20% at the beginning of the year and the latest data showing an annual inflation rate of around 10.5%. While the inflation rate is decreasing, it nonetheless shows that consumers and investors are having less confidence in the Turkish economy. The growing accessibility of cryptocurrencies such as Dash enables consumers and merchants to be better able to escape the government-created inflation and currency uncertainty.
Dash making strides in Turkey’s key target market
The addition of BtcTurk represents key progress in a target area of focus. Several efforts have been deployed to achieve more adoption within the country and take advantage of key conditions for growth, including the founding of a Dash Embassy Turkey to focus on outreach in the region, and hosting community outreach events. Dash’s focus on Turkey is backed up by market research, as the Statista Global Consumer Survey has shown that Turkey has the highest cryptocurrency adoption rate in the world, with with 1 in 5 Turks claiming to own cryptocurrency, surpassing even key Latin American countries such as Colombia and Brazil. This, combined with high inflation rates for the lira, make Turkey an ideal target area for Dash seeking to maximize its adoption both in cryptocurrency-heavy markets and countries seeking an alternative money due to currency devaluation.