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<![CDATA[<figure class="image"><img src="https://cimg.co/news/123450/326481/adobestock-325394492.jpg" srcset="https://cimg.co/news/123450/326481/responsive-images/adobestock-325394492___media_library_original_1200_727.jpg 1200w, https://cimg.co/news/123450/326481/responsive-images/adobestock-325394492___media_library_original_900_545.jpg 900w, https://cimg.co/news/123450/326481/responsive-images/adobestock-325394492___media_library_original_720_436.jpg 720w, https://cimg.co/news/123450/326481/responsive-images/adobestock-325394492___media_library_original_600_364.jpg 600w, https://cimg.co/news/123450/326481/responsive-images/adobestock-325394492___media_library_original_300_182.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Adobe / Givaga</figcaption></figure>Crypto trading platform Bitfinex has unveiled a feature that allows its Turkish customers to directly deposit Turkish Lira into their accounts without incurring any charges.The move is part of a collaborative effort with Vak&#305;fbank, the nation&rsquo;s second-largest bank. This initiative both strengthens Bitfinex's foothold in the Turkish market but also facilitates smoother access to the cryptocurrency landscape for Turkish customers, positioning itself as a significant player in what is already Binance's most prominent markets.Paolo Ardoino, the Chief Technology Officer of Bitfinex, emphasized the &ldquo;seamless&rdquo; and &ldquo;cost-effective&rdquo; nature of the new feature, stating that Turkish customers can now effortlessly deposit Lira into their accounts. "By integrating with Vak&#305;fbank ... we are making it easier," to let customers access the crypto market, he added in a statement.The collaboration underscores the convergence between the traditional banking sector and the evolving cryptocurrency ecosystem. Many non-US banks including Germany&rsquo;s Sparkasse and Commerzbank now offer customers an opportunity to buy Bitcoin.More recently, traditional finance institutions including BlackRock and Fidelity have applied to launch a Bitcoin spot ETF in the United States. Meanwhile, PayPal has launched its own stablecoin that it intends to make widespread for global commerce. &nbsp;This also follows Bitfinex's recent announcement regarding the launch of a <a href="https://cryptonews.com/news/peer-peer-crypto-platforms-under-pressure-in-declining-market.htm">peer-to-peer</a> exchange catering to clients in Argentina, Venezuela, and Colombia.<h2 id="turkish-inflation">Turkish Inflation</h2>Crypto adoption is relatively high in Turkey compared to the rest of the world, largely due to the Lira&rsquo;s seismic annual inflation rate. Despite central bank efforts to reign in rising price, the Lira&rsquo;s inflation rate rose for the first time in 9 months this July from 38.2% to 47.8%.Bitcoin is often credited as an economic answer for countries experiencing hyperinflation because of its limited supply. Indeed, against the Turkish Lira, Bitcoin is still trading near all-time highs despite being significantly down from its $69,000 high in USD terms.A <a href="https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/">survey</a> published in April 2023 shared by Statista shows that 47% of the Turkish population either owns or has used crypto, making it tied with Nigeria for the highest crypto penetration rate. Argentina &ndash; another nation plagued by brutal inflation exceeding 100% per year &ndash; is ranked 6 at 26% adoption.&nbsp; &nbsp;
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Bitfinex Crypto Exchange Collaborates with Turkey's Second-Largest Bank to Offer Free Turkish Lira Deposits

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