November 28, 2023, Istanbul — On November 28, 2023, the global cryptocurrency exchange CoinTR celebrated its two-year anniversary at the MANDARIN Hotel in Istanbul, Turkey. The theme of the event was “Making Finance More Efficient, Making Wealth More Liberating.” The event focused on exploring the rise of emerging cryptographic forces in Turkey and building a blockchain-based digital financial infrastructure to drive the country’s digital economic transformation and upgrade traditional industries.
CoinTR Board Mehmet Emin KARAAĞAÇ, CoinTR Board Chairman Şakir Ercan GÜL, CoinTR CEO Ali Eşelioğlu, CoinTR Co-founder David Liu
This event brought together over 500 participants, including representatives from the Turkish Presidency, the Ministry of Finance, the Central Bank, and more than twenty other dignitaries from state-owned banks. The President’s Investment Office Chairman, Burak Dağlıoğlu attended the event and listened to a special report on the construction of Turkey’s blockchain-based digital financial infrastructure.
CoinTR CEO Ali Eselioglu publicly introduced CoinTR’s digital financial infrastructure solution and vision for the first time during the event. He stated:
“Facing a historic technological revolution, Turkey is simultaneously presented with opportunities and risks. Therefore, there is a need to build a secure, reliable, and efficient financial infrastructure to support traditional finance and real businesses, seize the dividends of technological change, not only protecting the assets of Turkish citizens but also reducing financial risks. Based in Istanbul, CoinTR aims to contribute its technological prowess to enhance Istanbul’s core competitiveness as a global trade free port.”
CoinTR CEO Ali Eselioglu
Turkey is currently seen as one of the most promising cryptocurrency markets globally. The rising inflation rate has significantly driven the application of cryptocurrencies and Web3 technology in Turkey, ranking the country’s cryptocurrency trading volume among the top three globally. From mid-2022 to mid-2023, Turkey’s digital asset usage exceeded $160 billion, close to 18% of the GDP and 25% of the total foreign trade volume during the same period.
However, a significant portion (90%) of this large-scale digital asset usage occurs on offshore platforms, resulting in minimal impact on Turkey’s domestic digital economic development. The main reasons behind this are the lack of globally competitive digital asset infrastructure in Turkey: 1) Turkey lacks globally leading digital asset custody and payment facilities; 2) Local exchange products and features fail to meet user demands, compounded by the intrusion of overseas well-known exchanges leading Turkish citizens to prefer offshore tools, leaving their assets without the protection of the national government. After the FTX incident, Turkish investors were unable to retrieve their encrypted assets, posing a significant threat to Turkey’s social and financial security.
As a local exchange rooted in Turkey, CoinTR envisions creating a blockchain-based, globally oriented, secure, efficient, and leading digital financial infrastructure. By leveraging Turkey’s own infrastructure to host digital assets, CoinTR aims to maintain the security of national assets and the independence of national financial sovereignty. The goal is to attract global digital assets into Turkey, integrate them into the real economy and financial sector, and promote Turkey’s economic development.
Since its establishment in 2022, CoinTR has developed a comprehensive set of digital financial infrastructure solutions, including three main systems: digital asset trading system, digital asset custody system, and application layer system. CoinTR has a top-notch secure trading system, which has undergone blockchain security audits by Hacken and maintains a service availability of up to 99.999%, with multiple node availability zones and fault isolation deployment. As of now, CoinTR has accumulated over 1 million users, with a daily trading volume of $300 million. CoinTR has assembled a wallet security team from three of the world’s largest exchanges, including former vice presidents of Huobi, and over 100 product and technology experts, with approximately 80% of the staff having over three years of experience in the world’s leading exchange industry. With leading global product technology, CoinTR has been operating flawlessly for eight years, maintaining the highest security record in the industry and managing assets valued at $50 billion. The team has previously developed and maintained the world’s largest exchange systems, with the technology team participating in the development and deployment of licensed exchange products and systems in Japan, as well as obtaining a trust license in Hong Kong and establishing asset management and wallet systems.
CoinTR Board Chairman Şakir Ercan GÜL
In October of this year, CoinTR also attracted five high-level officials from financial regulatory bodies, including the former Deputy Minister of Finance of Turkey, the Deputy Director of the Market Department at the Central Bank of Turkey, the Chief Advisor to the Central Bank of Turkey, the Deputy Governor of the Central Bank of Turkey, and the heads of the Banking Regulation and Supervision Agency and the Licensing and Permit Office.
CoinTR’s digital asset custody system is currently under construction, mainly including five products: wallet custody, wallet payment, alliance chain, trade alliance, and stablecoin acceptance. The aim is to provide users with extremely secure encrypted asset custody and digital financial services such as encrypted payments. The application layer system is designed to break down barriers between traditional finance and cryptographic finance, establish connections between the real world and the virtual world, and includes global payments for encrypted banks, STO, gold stablecoins, stocks, bonds, and lira stablecoins.
CoinTR has established strategic partnerships with top global security companies Certik, Solwmist, and Sansec.CoinTR hopes to use this digital financial infrastructure solution to assist Turkey’s traditional financial system in completing digital financial upgrades and building a national blockchain infrastructure.
CoinTR CEO Ali Eselioglu concluded the event with a statement:
“Facing a historic technological revolution, Turkey is simultaneously presented with opportunities and risks. Therefore, there is a need to build a secure, reliable, and efficient financial infrastructure to support traditional finance and real businesses, seize the dividends of technological change, not only protecting the assets of Turkish citizens but also reducing financial risks. Based in Istanbul, CoinTR aims to contribute its technological prowess to enhance Istanbul’s core competitiveness as a global trade free port.”
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