- 6 Apr, 23
BiLira (TRYB) 101: The First Stablecoin of Turkey
Blockchain and cryptocurrency have become a rapidly growing industry. Its expansion in Turkey was not long in coming. A stablecoin called BiLira (TRYB) was launched in 2021 to appeal to Turkish investors. The asset tracks the value of the Turkish lira 1:1. This article on Zatrun.com contains everything you need to know about this crypto project based in Turkey.
Table of Contents
What is BiLira and How Does It Work?
BiLira is a blockchain project launched in 2021. The project allows investors to buy cryptocurrencies with Turkish lira. The aim of the project is to provide a stablecoin service that preserves its value and is secure. To achieve this, the project launched a stablecoin called TRYB, which is pegged to the Turkish lira and uses the Ethereum blockchain. The TRYB coin tracks the value of the Turkish lira 1:1 and works with the ERC-20 standard. Turkish investors can buy digital Turkish lira with this cryptocurrency.
BiLira coin was founded by Sinan Koç, Atilla Murat Fırat and Vidal Arditi. The team gradually added new use cases for cryptocurrency. These use cases were brought together under a single umbrella. TRYB allows people living in Turkey to access the blockchain and engage in peer-to-peer asset trading. In addition, owners of the stablecoin can also access various products and services, such as DeFi and e-commerce. This way, they can spend their assets to purchase real-world products or use them to passively generate income.
BiLira is traded under the name TRYB on exchanges located in Turkey and is listed on global platforms such as Bittrex. The asset can be transferred with Ethereum-based wallets such as MetaMask and can be used for payment purposes. The project also focuses on the social welfare and e-commerce sectors. The project aims to make social welfare more effective and transparent through blockchain technology. Likewise, it aims to eliminate intermediaries in e-commerce and enable direct payments.
Is TRYB safe?
There are concerns about how stablecoins maintain their value. Stablecoins that trade at different prices from the fiat currency they track increase these concerns. This price fluctuation is mostly due to the fact that projects do not hold fiat currency equivalent to the circulating cryptocurrency in their vaults. However, BiLira shares the amount of lira in its vaults from time to time with a transparency understanding and the project is audited.
With a market value of over $12.5 million, BiLira generated a trading volume of over $93,000 in the last 24 hours, showing that the project is active. TRYB coin, which tracks the Turkish lira, appeals to investors. Also, there are no other crypto projects currently indexed to the Turkish lira in the field. Therefore, it can be said that TRYB is unrivalled. The project’s transparent structure and e-commerce goals could lead to further growth of the platform in the future.