NEW YORK, Oct. 7, 2020 /PRNewswire/ -- 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.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 4.5 million users globally who you can instantly buy and sell Bitcoin (BTC) and Tether (USDT) with over 300 different payment methods.
As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by Bitcoin across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, CEO, and Artur Schaback, CPO.
The BiLira token is a full-reserve stable cryptocurrency that is built on the blockchain network, issued and managed by the BiLira organization, backed by the Turkish Lira and collateralized 1:1, secure and compatible with ERC-20 token standards. The BiLira organization is a joint-stock company incorporated under the Turkish law with a vision to enhance the access of Turkish citizens to the decentralized and peer-to-peer (P2P) global financial network through the use of its price stable cryptographic token.
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Paxful and Bilira partnership