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Turkish Bank Seeks to Acquire Stablex Cryptocurrency Trading Platform

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Ak Investment, a wholly owned subsidiary of Akbank, has officially applied to partner with Stablex, a crypto exchange.

Akbank interest in cryptocurrency

Ak Investment owns 100% of the company’s shares. Their recent partnership with Binance has furthered its exploration and interests in cryptocurrencies as the duo embarks on direct Turkish lira transfers.

According to Dunya, Ak Yatrm Menkul Değerler will take control of the majority of the shares of Stablex Bilişim Teknoloji AS.

The publication indicates that the two parties have been negotiating since last year. However, they have yet to reach an agreement and obtain official approval from the regulators.

The first meeting between Akbank and Stablex took place in August last year. Akbank’s Assistant General Manager (COO) Turgut Güney, CEO of Stablex, served as the bank’s Chief Operating Officer (COO) of Technology and Operations between 2011 and 2017.

Istanbul-based Stablex acts as a broker for cryptocurrency trading in Turkish lira. The company was founded in May 2020 by Jihad Şenak and its capital was 7.6 million TL.

In addition, Cihat Şenak is a Turkish subsidiary of Dubai-based Orion Investment, Noor Capital Market Menkul Degerler AS, and Orion Investment Menkul Degerler AS.

Turkey supports cryptocurrencies, according to the “Geography of Cryptocurrency 2022” report by cryptocurrency and blockchain analysis firm Chainalysis.

Data from Chainalysis’ Global Cryptocurrency Adaptation Index ranks Turkey 12th out of 154 countries.

Bitfinex provides cryptocurrency trading services in Turkey

Bitfinex, a cryptocurrency exchange, also announced on March 17 that it will start offering its services in Turkey.

This step is expected to have a positive impact on the exchange and its users. A cryptocurrency exchange may start offering its services in Turkey in the coming weeks, enabling local clients to trade cryptocurrencies with low entry barriers.

The news comes amid banking turmoil, especially in the United States. Several banking institutions, including Signature Bank and Silvergate, have collapsed, driving cryptocurrency and bitcoin (BTC) higher this week.

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