Binance Partners with Papara to Open Turkish Lira (TRY) Fiat Gateway

On 19 November 2019, Binance announced that in partnership with Papara, they had opened a Turkish Lira (TRY) Fiat Gateway to enable users to deposit and withdraw TRY through Papara. 

The partnership will also enable users to deposit TRY to their Binance wallets by using wire transfers, local credit, and debit cards that are supported in 16 different banks in Turkey.

The move adds to the growing list of actions that Turkey is undertaking to promote cryptocurrency adoption in the country.

Binance Partnership with Papara Will Benefits its Users

Binance stated that after deposits, “users will also be able to but crypto with their TRY balance directly on the buy and sell crypto page using our one-click-buy –and-sell service.”

Users also stand to benefit from fast transactions, fiat wallets that support using TRY to BNB BTC, ETH, and XRP and easy access through wire transfers. Binance also promises that BUSD will be availed to users at a later date.

Papara has been dubbed as the freeway to send money in Turkey and make both fiat and digital payments. Since 2017, the service has been offering a fast, secure, and easy both ways transfer for fiat and cryptocurrency. 

Turkey Is Taking Bold Steps to Support and Bridge the Fiat-Digital Currency Existing Gap

According to a tweet posted by Electroneum two months ago: 

“Turkey ranks first worldwide in terms of crypto usage across the world.”

Electroneum stated that as part of their announcement to introduce ETN in Turkey, which enabled Turkish mobile users to top up their mobile phones with data and airtime using ETN: 

“More than 41,000 of ETN users in Turkey can now instantly top up with Turkcell, Vodafone, and Turk Telekom via third party airtime and data provider. The three mobile network operators cover 100% of the country and have a combined subscriber base of circa 80 million. This means all mobile users could potentially use ETN to top up.”

The news of the fiat gateway comes only a month after Huobi global revealed its ambitious plans during the Eurasia Blockchain Summit, to Launch a Turkish Lira (TRY) Fiat Gateway.