Ak Investment, a wholly-owned subsidiary of Akbank, has submitted an official application to partner with Stablex, a cryptocurrency exchange. This move indicates Akbank’s growing interest in the crypto industry.
The bank’s recent partnership with Binance also highlighted its exploration and interest in cryptocurrencies, as the two companies embarked on direct Turkish Lira transfers.
According to Dunya, Ak Yatrm Menkul Değerler will take control of the majority of Stablex Bilişim Teknoloji A.S. shares. Negotiations between the parties have been ongoing since last year, but official approval from regulators is still pending.
The first meeting between Akbank and Stablex took place in August 2021. Turgut Güney, Akbank’s Assistant General Manager (COO), had previously worked as the CEO of Stablex from 2011 to 2017.
Stablex is an Istanbul-based cryptocurrency exchange that 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 7.6 million Turkish Lira. Additionally, 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.
Chainalysis’ “2022 Geography of Cryptocurrency” report shows that Turkey ranks 12th out of 154 countries in terms of crypto adoption. This indicates that Turkey is supportive of cryptocurrencies.