Turkish crypto firm Bitci to open exchanges in Brazil and Spain – CEO

A representation of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration

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ISTANBUL, Jan 31 (Reuters) – Turkish blockchain technology firm Bitci aims to open a cryptocurrency trading platform in Brazil in February as part of an international expansion where Spain is next in line, a source said. General Manager Onur Altan Tan in an interview.

Founded in 2018 in the southwestern Turkish resort town of Bodrum, Bitci operates a cryptocurrency exchange, mining facility, and blockchain network tied to its exchange and payment platform.

It also offers fan tokens, a type of cryptocurrency adopted by some football clubs as the coronavirus has taken a toll on their revenue. Bitci hopes a Brazilian swap will build on its links with soccer clubs there, Tan told Reuters.

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“We are opening a crypto exchange in Brazil because we have valuable assets there. We have released Brazil national team fan tokens and agreed with six other clubs,” he said. declared.

Bitci launched 25 fan tokens for clubs including the Spanish national team, English Premier League club Wolves and Scottish Premiership Rangers, as well as some for motor racing. It aims to have over 50 tokens by the end of the year.

Football clubs see these crypto assets as ways to generate new revenue and keep fans engaged. Token owners can vote on minor club decisions such as songs played after goals are scored.

Tokens can also be traded on exchanges like other cryptocurrencies, and can also be subject to large price fluctuations.

Bitci’s exclusive token rights should be a growth opportunity in Brazil, Tan added. “We aim to catch up with the local market leader in a very short time using tokens… We are launching Brazil in February and then Spain in March.”

Brazil’s Mercado Bitcoin is one of the largest cryptocurrency exchanges in Latin America with over 3 million users. Read more

The Brazilian crypto market grew rapidly last year with interest in assets as people attempted to store value in savings during the economic fallout from the pandemic. In January, the leading exchange operator said it was aiming to expand its cryptocurrency products and services.

Last year, Turkish authorities banned the use of crypto assets for payments while some local exchanges were investigated for fraud. There has been a boom in the use of digital currencies in Turkey, fueled by rising inflation and a falling lira.

Tan said that after Brazil and Spain, Bitci plans to open crypto exchanges in some Central Asian countries, India and Russia this year.

($1 = 13.4247 Lira)

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Reporting by Ezgi Erkoyun. Editing by Jane Merriman

Our standards: The Thomson Reuters Trust Principles.

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