Crypto.com Targets Middle East Giant Turkey in Latest App Update

By Casper Brown
Published November 5, 2020 Updated November 5, 2020
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Crypto.com Targets Middle East Giant Turkey in Latest App Update

By Casper Brown
Published November 5, 2020 Updated November 5, 2020

Hong Kong-registered crypto company Crypto.com today announced a Turkish language version of its app and exchange. 

The targeting of the country by Crypto.com comes as it becomes a major player in the Middle East cryptocurrency world. 

In September, the country was rated 29th out of the 154 countries on Chainalysis’ Global Crypto Adoption Index—and number one in the region. 

And in a list of mainly European nations in an ING International Survey on New Technologies last September, the country came out on top—with 62% of citizens said to have a “positive attitude towards cryptocurrencies.”

“Turkey is an important market for us, both from a geographic perspective due to its location between east and west and the strong affinity its citizens have with cryptocurrency,” said Mariana Gospodinova, Crypto.com’s Europe GM. “Around one in five Turks have used or owned digital assets, which is remarkable.” 

Crypto.com’s mission 

In the past two months alone, Crypto.com has released seven updated versions of its app in Spanish, French, Korean, Italian, Portuguese, Traditional and Simplified Chinese. 

The move to include Turkey will allow the crypto platform to reach 75 million Turkish speakers. 

Crypto.com’s app allows users to buy and sell seven fiat and over 80 cryptocurrencies. The company is racing to spread cryptocurrency adoption worldwide. 

This month, the platform announced that it had surpassed five million worldwide users—three months after it reached the three million mark. The platform says it wants to reach 100 million users within five years.

Why Turkey?

Due to economic and political uncertainty, many are turning to digital assets such as Bitcoin and Ethereum in Turkey. The country has been hit hard by the Covid-19 crisis and foreign debt and unemployment is high. 

Due to the weakness of the county’s national currency, the lira, which this year hit record lows, alternative digital assets are proving a safe bet. 

By far, the most popular cryptocurrency in Turkey is Bitcoin, according to crypto forensics firm, Chainalysis. Popular exchanges in the country include Binance, Huobi, and Bitfinex. 

There are currently no cryptocurrency regulations in Turkey, but the country is in the process of developing a framework. 

Crypto.com’s native token, CRO, was today trading at $0.078. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Casper Brown
382 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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