MXC Global collaborates with MenaPay to open gateway for fiat currency and expand Turkish market

MXC Global has established strategic cooperation with MenaPay in fiat currency. MXC will expand the Turkish and Islamic markets with the help of MenaPay. MenaPay is a fully backed and blockchain-based non-bank mobile payment solution and super application used in the MENA region, which is compliant to the Islamic Finance rules. Turkey is now the third-largest cryptocurrency trading market in the world, after the U.S and Japan.

In 2018, affected by the sharp drop of Turkish fiat currency, Bitcoin fell by 36.98% in November. However, the Turkish Bitcoin trading volume increased by 37% month-on-month. According to a survey by Ing Bank, 18% of people in Turkey say they own cryptocurrency, which is much higher than the European average of 9%.

Coinhills data shows that as of July 17, Beijing time, the 24-hour trading volume of Turkish fiat currency, Lira to Bitcoin was approximately USD 49.13 million, next to the USD, JYP, and EUR.

MXC Global staff said that they have been working hard to expand the Turkish market. The Turkish language has been added to the service page since last year. Besides, the Turkish community of MXC Global is under operation. On March 17, 2020, MXC Global has officially joined the Blockchain Turkey Platform (BCTR).

BCTR was established on the initiative of the Turkish Informatics Foundation (TBV) and is an independent, non-profit organization. Its mission is to create an ecosystem network through local and international collaboration with public sector bodies, universities, science, industry, and technology academies. Its members include AKBank, one of the largest banks in Turkey, and Beilbim, a Turkish Electronic Money and Payment Services Company.

"Partnering with MenaPay can better help MXC Global to expand the local market in Turkey, and to provide users with more convenient fiat currency and other services," said Henry Wu, VP of MXC Group. Apart from the partnership with MenaPay, MXC Global has successively established cooperation with various compliant payment service providers worldwide during this year.

“We’re happy to offer ‘MenaPay integrated payment solution’ for the first time with MXC Global. We have been receiving feedback from the crypto community especially in Turkey and in the MENA region for a fiat gateway solution. We’re happy to offer this for the first time by partnering with one of the most reputable exchanges, MXC Global. Traders now have the option to deposit with fiat currencies directly to their accounts on MXC Global by MenaPay QR code, bank transfer, or credit card options easily in seconds. We will continue investing the technology to improve the integrated payment solution and expanding their services to other sectors as well.” said Çağla Gül Şenkardeş, MenaPay CEO.

The Food & Beverage industry saw increased investment activity over the last 5 years, jumping from just 10 deals in 2015 to 54 in 2019. Discover more trends and insights in our 2019 F&B MENA Venture Investment Report.