Key takeaways:
- Through a partnership with a Turkish crypto company, Tether is expanding its footprint in the country and advancing industry knowledge.
- BTguru markets itself as a partner for strategy and technology, with a focus on virtual crypto assets “for primarily banks.”
Through a partnership with a Turkish crypto company, Tether is expanding its footprint in the country and advancing industry knowledge.
On July 2, the company that created the Tether stablecoin announced that it had inked a memorandum of understanding (MoU) with the Turkish crypto platform BTguru to assess training programs pertaining to digital assets.
BTguru markets itself as a partner for strategy and technology, with a focus on virtual crypto assets “for primarily banks.”
Tether will evaluate the creation of initiatives to inform Turkish public and private stakeholders about the advantages of crypto and blockchain technology as part of the agreement.
The MoU also intends to advance peer-to-peer (P2P) technology by facilitating communication amongst financial institutions in the nation through BTguru’s connections.
Tether and BTguru will also assess regional payment network scenarios and look into actual asset tokenization use cases for banks.
Tether CEO Paolo Ardoino states that the company, along with BTguru, is dedicated to advancing the revolutionary possibilities of P2P technology and digital assets. Ardoino stated:
“This MOU has the potential to provide a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that could promote freedom and educate people across Türkiye,”
The goal of the new partnership with Tether, according to BTguru partner Can Bukulmez, is to open up new commercial opportunities for the stablecoin company.
Additionally, the alliance will assess whether business lines can be launched into Turkey’s developing digital asset and banking verticals.
Tether’s entry into Turkey coincides with the rise in popularity of crypto, which has been happening there at a rapid rate. Turkey is a prominent participant in the global crypto ecosystem, ranking fourth in transaction volume and 12th in adoption with a 40% rate, according to data from Binance.
Turkey has the highest GDP among all worldwide nations, with 4.3% of GDP coming from stablecoin purchases, which contribute significantly to the nation’s GDP, according to Chainalysis. On July 2, Mücahit Dönmez, general manager of Binance TR, stated in a statement:
“With the interest of the Turkish community in digital assets and blockchain technology, Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes,”
Following a significant hack of the regional crypto exchange BtcTurk, Tether and Binance are stepping up their efforts to be involved in the Turkish crypto scene. Peckshield claims that on June 22, hackers took more over $100 million in crypto from BtcTurk.
The activities coincide with a milestone in local regulations. The Financial Action Task Force (FATF) delisted Turkey from its grey list at the end of June, noting the country has made “significant progress” in strengthening its anti-money laundering (AML) and counterterrorism funding measures.
The FATF’s AML regulations, which include crypto-related obligations, have in the past made it more urgent for Turkey to enact crypto laws by 2024.
