Ak Investment, one of Akbank’s wholly owned subsidiaries, has officially applied to partner with Stablex, a crypto exchange.
Akbank’s interest in cryptocurrencies
Ak Investment owns 100% of the company’s shares. Their recent partnership with Binance cemented their exploration and interests in crypto as the duo embark on direct transfers of Turkish lira.
According DunyaAk Yatrm Menkul Değerler will take control of the majority of shares in Stablex Bilişim Teknoloji AS.
The publication indicates that the parties have been negotiating since last year. However, they still need to come to an agreement and get official approval from regulators.
The first meeting between Akbank and Stablex started in August last year. Akbank’s deputy chief operating officer (COO), Turgut Güney, CEO of Stablex, served as the bank’s chief operating officer (COO) for technology and operations between 2011 and 2017.
Istanbul-based Stablex serves as a broker for trading cryptocurrencies in the Turkish lira. The company was established in May 2020 by Jihad Shannak and had a capital of TL 7.6 million.
In addition, Jihad Shannak is the 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 “Cryptocurrency Geography 2022” report by blockchain and cryptocurrency analytics firm Chainalysis.
Chainalysis’ data Global Cryptographic Adaptation Index ranks Turkey 12th out of 154 countries.
Bitfinex to offer cryptocurrency trading services in Turkey
Bitfinexa cryptocurrency exchange, also announced on March 17 that it would start offering services in Turkey.
This move is anticipated to have a positive impact on the exchange and its users. The cryptocurrency exchange could start offering its services in Turkey in the coming weeks, allowing local clients to trade cryptocurrencies with low barriers to entry.
The news comes amid banking turbulence, especially in the United States. Several banking institutions, including Signature Bank and Silvergate, collapsed, triggering a rally in crypto and bitcoin (BTC) this week.
