In a grand celebration held at the MANDARIN Hotel in Istanbul, Türkiye, on November 28th, 2023, CoinTR marked its impressive two-year journey since its inception in 2022. The event, attended by key figures from the Turkish government, including representatives from the Presidency, Ministry of Finance, and the Central Bank, showcased CoinTR’s commitment to revolutionizing Türkiye’s digital financial landscape.
With a theme centered around making finance more efficient and wealth more liberating, the occasion highlighted the pivotal role of emerging cryptographic technologies and practices in driving Türkiye’s digital economic transformation for the foreseeable future and beyond.
The rise of cryptocurrencies in Türkiye
Türkiye has emerged as one of the most promising cryptocurrency markets globally, with a significant surge in digital asset usage. The rising inflation rate has accelerated the adoption of cryptocurrencies alongside rapidly emerging Web3 technologies, positioning Türkiye among the top three countries in terms of cryptocurrency trading volume. In fact, from mid-2022 to the middle of this year, digital asset usage in Türkiye surpassed $160 billion, constituting nearly 18% of the GDP and 25% of the total foreign trade volume.
Challenges faced by Türkiye’s digital economy
Despite the impressive figures, 90% of digital asset usage in Türkiye occurs on offshore platforms, posing minimal impact on the country’s domestic digital economic development. This is primarily attributed to the absence of globally competitive digital asset infrastructure in Türkiye, including shortcomings in digital asset custody and payment facilities.
Additionally, the inadequacies in local exchange products have further driven Turkish citizens towards offshore platforms, leaving their assets vulnerable and unprotected by national regulations. This is being treated as a legitimate threat to the country’s financial stability, prompting regulators and decision makers to take action.
CoinTR’s plan for Türkiye’s digital financial infrastructure
CoinTR, as a local exchange deeply rooted in Türkiye, envisions creating a blockchain-based, globally oriented, secure, and efficient digital financial infrastructure. The goal is to leverage Türkiye’s own infrastructure to host digital assets securely, ensuring the protection of national assets and financial sovereignty. In doing so, CoinTR aims to attract global digital assets into Türkiye, integrate them into the real economy and financial sector, and thereby promote the nation’s overall economic development.
Thus far, CoinTR has developed a comprehensive set of digital financial infrastructure solutions. This includes a secure trading system, digital asset custody system, and an application layer system. The trading system boasts reliable security measures, with a service availability of up to 99.999% and daily trading volumes reaching $300 million. CoinTR has also managed to gain over 1 million users and assembled a team of industry experts to ensure the highest standards of security and performance.
Finally, CoinTR has solidified its position through strategic partnerships with top global security companies, including Certik, Solwmist, and Sansec. Additionally, the exchange has attracted high-level officials from five financial regulatory bodies in October 2023, demonstrating its commitment to regulatory compliance.
What about the future?
CoinTR’s ambitious plans include the construction of a digital asset custody system, alliance chain, trade alliance, and stablecoin acceptance. These initiatives aim to provide users with secure encrypted asset custody and a range of digital financial services.CoinTR has established strategic partnerships with top global security companies Certik, Solwmist, and Sansec
CoinTR’s CEO, Ali Eselioglu, emphasized the need for a secure, reliable, and interoperable financial infrastructure to support traditional finance and authentic businesses. As CoinTR contributes its technological prowess to enhance Istanbul’s core competitiveness, it signifies a significant step towards positioning Türkiye as a global trade free port in the era of digital finance.
Check out CoinTR’s official website for additional information as well as its Medium channel for regular updates.
