Turkish bank wants to take control of Stablex, a crypto trading platform

March 18, 2023

in Bitcoin

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Ak Investment, one of Akbank’s wholly owned subsidiaries, has officially applied to partner with Stablex, a crypto exchange.

Akbank’s interest in crypto

Ak Investment owns 100% of the company shares. Their recent partnership with Binance cemented its exploration and interests in crypto as the duo embarks on direct Turkish Lira transfers.

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According to DUNYA, a subsidiary of Akbank, Turkey’s second largest private bank, has applied to the govenment to become the main shareholder of the crypto trading platform Stablex. The majority of cryptocurrency companies in Turkey currently work with Akbank.… https://t.co/Q2DmP2seFZ

— Wu Blockchain (@WuBlockchain) March 18, 2023

According to Dunya, Ak Yatrm Menkul Değerler will take control of the majority of Stablex Bilişim Teknoloji A.S. shares.

The publication indicates that the parties have been negotiating since last year. However, they are yet to reach an agreement and obtain official approval from regulators.

The first meeting between Akbank and Stablex started in August last year. Akbank’s Assistant General Manager (COO), Turgut Güney, the CEO of Stablex, worked as the bank’s chief operating officer (COO) for technology and operations between 2011 and 2017.

Istanbul-based Stablex serves as an intermediary for cryptocurrency trading in Turkish Lira. The company was established in May 2020 by Jihad Shannak and had a capital of 7.6m Turkish Lira.

In addition, Jihad Shannak is the Turkish affiliate of Dubai-based Orion Investment, Noor Capital Market Menkul Degerler A.S., and Orion Investment Menkul Degerler A.S.

Turkey supports crypto, according to the “2022 Geography of Cryptocurrency” report by blockchain and cryptocurrency analysis firm Chainalysis.

Data from Chainalysis’ Global Crypto Adaptation Index ranks Turkey at 12th out of 154 countries.

Bitfinex to offer crypto trading services in Turkey

Bitfinex, a cryptocurrency exchange, also announced on Mar. 17 that it would begin offering services in Turkey.

This move is anticipated to impact the exchange and its users positively. The crypto exchange might begin offering its services in Turkey in the upcoming weeks, enabling local clients to trade cryptocurrencies with low entry barriers.

The news comes amid a banking turbulence, especially in the United States. Several banking institutions, including Signature Bank and Silvergate, collapsed, triggering a crypto and bitcoin (BTC) rally this week.

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