Turkey amid the crypto winter has 54% of users buy or sell digital currencies at least once a month. About 10 million Turkish citizens have purchased cryptocurrencies at least once. The driving factors were the country’s high inflation and its young population who wants to try new trends after hearing crypto success stories through word of mouth.
On the government side, Turkey is planning to launch a central bank digital currency (CBDC) next year, contained in a Presidential Annual Program for 2023, presented by the Presidential Strategy and Budget Directorate. The Turkish central bank will carry out the research and development efforts and testing of its CBDC in collaboration with other banks.
To strengthen its position as among the most trusted crypto exchange platforms in the world, WOO Network has intensified its presence in Turkey. We spoke with Ben Yorke, Marketing Vice President at WOO Network, and Ali Buğra Gökağaçlı, WOO Network Turkey Country Manager to understand this market a bit more.
“We are pleased to see growth among Turkish users seeking more sophisticated trading platforms, besides just the more speculative retail market. This is encouraging as we’ve always sought to enter markets that are receptive to our mission of empowering users.
For us, this [our presence] is more than just providing Turkish citizens with an option to trade cryptocurrencies at zero fees. We are here to be part of the innovation in DeFi [decentralized finance] here, by providing users with education about the potential of digital assets and improving their investment processes,” said Ben Yorke, Marketing Vice President at WOO Network.
“While many people here are very interested in crypto as they hear success stories from around the world, we also want to make sure that we provide them with complete information for their awareness and decision-making,” he noted.
Part of WOO Network’s efforts to get more people to experience crypto trading is an ongoing WOO X anniversary campaign where Turkish citizens stand a chance to win 1 BTC (Bitcoin) for those who will use the platform for the first time. The company is also giving out $WOO tokens as rewards for those who will use Cabital to purchase USDT on WOO X.
“We are very excited to be part of the WOO X anniversary here in Turkey as we get to showcase what we have worked hard in the past year. This activity is a step in the right direction of providing users with more awareness, especially as we see growing interest in crypto among young people,” said WOO Network Turkey Country Manager Ali Buğra Gökağaçlı.
Gökağaçlı said the WOOTR Beta version web platform is now available to users in Turkey. “By supporting Turkish Lira deposits and withdrawals, we made it easier for our users to make transactions,” he said.
We also created WOO Network's local social media channels so that our Turkish users can easily follow the updates. You may also follow our online events, where we hand out great prizes. He said they will also release the WOOTR Lite App that many Turkish users have been waiting for very soon.
“We have local server investments and ISO standards in IT and finance so that WOOTR is ready to acquire any crypto platform license that might be needed. The market here is quite unique in the sense that the average age is 33 and that tells us the appetite of the younger generation for innovations. Turkey also leads our region in the use of crypto for sending and receiving money from abroad. These are some of the considerations that we take into account related to our activities here,” said Gökağaçlı.
#OnewithWOO is WOO X 1 BTC anniversary campaign, and the details can be found here.
WOO X is a trading platform for professional traders, featuring fully customizable modules and a lower to zero-fee trading structure, complete with deep liquidity sourced from the WOO Network, which connects traders, exchanges, institutions, and DeFi platforms. The WOO token is used in the network's CeFi and DeFi products for staking and fee discounts. WOO Network was incubated by Kronos Research, a multi-strategy trading firm that specializes in market making, arbitrage, CTA, and high-frequency trading (HFT).
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