Paxful, one of the largest peer-to-peer cryptocurrency marketplaces in the world, announced the integration of BiLira (TYRB), a stablecoin backed by Turkish Lira, expanding their variety of over 300 payment methods. The addition enables users to buy and sell Bitcoin (BTC) and Tether (USDT) with BiLira token. The listing of the Turkish stablecoin comes amidst the Lira struggle, thus helping the locals secure their assets during a time of rising inflation.
BiLira COO Vidal Arditi emphasized the great impact of the deal: “BiLira, acting as a ramp for peer-to-peer marketplaces, will make cryptocurrencies more accessible to the locals, especially backed by such reputable marketplace like Paxful, we can see this going far.”
BiLira has nearly 30 million TRYB tokens in circulation and acts as a bridge to the world of DeFi. The stable cryptocurrency is 100% collateralized by Turkish Lira meaning one BiLira can always be redeemed for one Turkish Lira, giving the much-needed stability in the times of economic uncertainty. The token was developed with a vision to provide access to digital exchanges and peer-to-peer financial networks, like Paxful.
“We’re excited to partner with Bilira and add TRYB as a payment option to the platform. Paxful’s mission is all about financial inclusion and with a new fiat-backed stablecoin, we’re giving even more users access to global digital networks and a safe alternative to traditional banking systems,” said Ray Youssef, CEO and co-founder of Paxful.
Turkey could easily become the next crypto giant. Paxful sees limitless potential for crypto adoption in the country as it aims to expand its local footprint and help Turkish users connect with the global digital currency space.