Gate Technology Inc has announced the extension of its footprint into the Turkish market in the coming months. Gate.io Since the inception of 2022, the exchange platform has made known its plan to launch and create branches in different continents and regions.
Gate.io Set To Launch An Office In Turkey
The expansion announcement was made known earlier by the exchange’s C.E.O, Dr. Lin Han, at a blockchain event in Instanbul. Lin Ham stated that the incubatory arm in Turkey would be named GateTR. Lin further revealed that the cryptocurrency exchange platform, GateTR, has been developing for the past six months.
The firm was designed and built to fit into the Turkish web3 space and market. According to Gate.io’s Chief Executive Officer, GateTR will be launched with an NFT airdrop to generate leads and users. The GateTR platform will allow Turkish crypto users to transact or swap their currencies using Turkey’s native Lira.
Also, users can move their funds and assets between Gate.io and GateTR platforms with no gas fees. Although the Turkish branch bears a different name, it will function and operate under the same framework as the mother company.
High Crypto Adoption Rate In Turkey
According to in-depth research by Gate.io, crypto adoption is rising in Turkish and surrounding regions. Over 8 million Turkish citizens are affiliated with or use virtual currencies. However, the number of crypto firms and entities does not match the number of users.
Turkey is an untapped resource for crypto firms, bodies, and entities, which is why Gate.IO included it in its plans. The launching of Gate.io in Turkey is happening a few months after the CEO revealed its plan to expand its impression in the web3 space globally during a conference. Also, the exchange has registered with the regulatory agencies in Turkey as an authenticated VASP.
GateTR will be launched with trading, purchasing, and selling cryptocurrencies; During the first Quarter of 2023, GateTR will start to offer other services. Possibly, GateTR will collaborate with other crypto entities and bodies to infuse the use of virtual currencies into other spheres in Turkey.