Leading cryptocurrency exchange binance has added the Turkish lira (TRY) to its fiat-to-crypto offering, allowing users to buy crypto directly with the currency.
On Binance’s website, a new option offered by Turkey-based electronic payments firm Papara shows it’s now possible to buy bitcoin (BTC), ether (ETH), and XRP directly with Turkey’s fiat currency. While a selling option isn’t currently available, after buying cryptos users can exchange them for other cryptos on the platform.
Papara, according to data from Crunchbase, has raised $2 million in funding to date, and on its about us page it claims it reached a team of 50 before the end of its first year, while it was serving “hundreds of thousands of users.” It further claims to be licensed by Turkey’s Banking Regulation and Supervision Agency.
The Turkish lira is the sixth fiat currency added to Binance’s fiat-to-crypto offering, after the firm announced it was adding fiat to the platform last month. It then added trading pairs for the Nigerian naira (NGN), before adding options for the Russian ruble, the European Euro (EUR), the Kazakhstani tenge (KZT), and the Ukrainian hryvnia (UAH).
Binance’s CEO Changpeng Zhao said this month te cryptocurrency exchange was looking to add support for 180 fiat currencies. During the company’s “super meetup” in Singapore, he said:
One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com.
Zhao also its important for Binance to improve its customer service, as it currently claims to answer support tickets in 24 hours, but is looking to shorten that time to “one hour or less.”
Featured image by cryptostock via Pixabay.
