China's biggest maker of cryptocurrency mining machines, Bitmain, has expanded its business into Turkey’s growing crypto market. The firm has reportedly opened a physical crypto mining shop in Istanbul.
Bitmain’s expansion to Turkey is being facilitated by its official distributor Phoenix Store. Phoenix already has a Bitmain store in St. Regis. Furthermore, the firm is also a distributor for other crypto businesses, including Ledger, Trezor, and Cool Wallet.
Explaining the motivation behind the move to enter the Turkish market, Phoenix Store CEO Phil Harvey said:
“As Phoenix Store, we are happy to step into Turkey with Bitmain. Turkey is among the countries that show the most interest in cryptocurrencies. This interest of Turkish investors has been one of the factors that pushed us to the Turkish market. As the official distributor of Bitmain, we will offer the industry’s most advanced Antminer devices and cold wallets that secure crypto assets to Turkish investors. The crypto money market is developing, in this sense; we think that Turkish investors will focus on crypto money investments.”
With China’s sustained clampdown on crypto businesses, it does not come as a surprise that Bitmain is considering other international markets. However, the Central Bank of the Republic of Turkey implemented a ban on cryptocurrencies back in April despite the growing interest in digital assets from Turkish investors.