Paxful, Turkey-Based BiLira, Cointral to Expand Crypto Offerings in Eastern Europe

Paxful said the partnerships will allow users to trade bitcoin and tether using a lira-backed stablecoin.

AccessTimeIconOct 12, 2020 at 9:24 p.m. UTC
Updated Sep 14, 2021 at 10:08 a.m. UTC

Peer-to-peer crypto marketplace Paxful said it’s partnering with BiLira, the group behind the Turkish lira-backed stablecoin bilira (TYRB), and crypto trading platform Cointral as part of a push to trade cryptocurrencies in Eastern Europe. 

Paxful said the move follows strong growth in trading registrations by Turkish users over the past year. Both BiLira and Cointral are based in Turkey. 

In an emailed statement, Paxful said it recorded an average monthly trading volume of over $65,000 in Turkey.

  • Paxful said under the partnership with BiLira, users will be able to and sell bitcoin (BTC) and tether (USDT) using the bilira stablecoin. “Bitcoin can be used to preserve wealth against instability surrounding the Turkish lira,” said Ray Youssef, CEO of Paxful, in an emailed statement. 
  • Through its partnership with Cointral, Paxful said its web-based kiosk would be integrated with Cointral’s trading platform, allowing users to make payments with bank transfers and gift cards, among others.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC