Gate.io, a cryptocurrency trading company, is set to launch a new cryptocurrency exchange, GateTR, tailored to Turkey’s cryptocurrency market. The new platform was developed by the firm’s team over the last six months, Gate.io said.

Gate.io Founder and CEO, Dr Lin Han, will announce the new venture at the Istanbul Blockchain Week, the firm announced on Monday, noting that it will also kick off a non-fungible token airdrop campaign after the launch.

Cryptocurrency adoption is high in Turkey as a recent research report by Paribu, a Turkish crypto exchange found that there are at least 8 million people in Turkey involved in crypto.

“On GateTR, users can trade cryptocurrency, buy or sell using Turkish Lira, and withdraw to local bank accounts. Moreover, users can transfer between their Gate.io accounts and GateTR free of charge, and the exchange will share the same crypto listing policy as Gate.io to the furthest extent available in Turkey,” Gate.io explained.

The firm also noted that while the new cryptocurrency exchange is being flagged off with a spot trading feature, other products and services will be added later on. “And, in Q1 2023, GateTR will announce new collaborations to bring crypto into people’s daily lives, connecting crypto payments with areas such as transportation, travel, shopping, and more,” the company explained.

Expansion Plans

The launch of the new platform is part of Gate.io’s efforts to establish its global footprint in the digital assets industry. In September, the Gate.io Group completed its virtual asset service provider registration in Lithuania, which is one of the fastest-growing cryptocurrency markets in Europe. Earlier in May, the crypto trading firm also launched the Gate Institutional, an institutional services arm targeted at market makers and brokers.

Furthermore, Gate.io noted that in this year alone, it has received licensing and registrations in top cryptocurrency markets such as Malta, the United States and Dubai in 2022.

Proof of Reserves

Meanwhile, Gate.io disclosed that it recently released its Merkle Tree Proof of Reserves (PoR) audit on GitHub, an open-source platform. Cybersecurity firm Halborn defines PoR as “a trusted way for users of crypto assets to verify that the balances they hold on exchanges are backed by real assets.”

Gate.io’s action is in line with the renewed market interest in PoR following the fall of FTX, a once-leading cryptocurrency trading platform. Finance Magnates reports that Binance and Crypto.com have both harped on the importance of PoR in the cryptocurrency industry.

This article was written by Solomon Oladipupo at www.financemagnates.com.Exchanges, CryptoCurrencyRead More

You might also be interested in reading Legendary Ukrainian Boxer Wladimir Klitschko Releases an NFT Collection to Raise Funds for His Homeland.