The banking crisis that emerged in the USA as a result of the bankruptcy of Silicon Valley Bank due to liquidity problems benefited cryptocurrencies. Bitcoin rose 40% in just two weeks, exceeding the $ 28 threshold.
The seizure of the US-based Silicon Valley Bank (SVB) by the Federal Deposit Insurance Corporation within 48 hours and the acquisition of Switzerland-based Credit Suisse by UBS for $2 billion increased the concerns about the possibility of a crisis similar to 2008 in the banking sector. This has benefited crypto assets. In the two-week period that the crisis developed, Bitcoin increased by 40%, exceeding the $ 28 threshold and reaching its highest level in 9 months. Block Earner, a new generation finance platform that provides services with crypto buy/sell and DeFi access products, announced that it will not receive commissions during March so that users in Turkey can meet with decentralized finance and blockchain.
Emrah Karadere, Block Earner Turkey Operations Manager, shared his evaluations on the subject, “The latest developments have revealed the fragility of traditional finance. Blockchain and decentralized based solutions gain importance at this point. As Block Earner, we offer an accessible, easy and trackable platform for our users to take the first step towards the finance of the future.”
Global crypto market size is over $1 trillion again
The Blockchain Use Scenarios and Adoption Report revealed that while the global crypto market has grown to over $1 trillion, the adoption rate of blockchain-based technologies is increasing. The report stated that the blockchain ecosystem is more than an electronic money and asset infrastructure.
Emrah Karadere pointed out that even the assets held on decentralized platforms (DeFi) are approaching 50 billion dollars, “When crypto-based technologies become widespread, a more complex ecosystem emerges. This makes it difficult for many users to use blockchain-based products. It becomes a necessity to use different account and storage solutions and to have knowledge about DeFi products. As Block Earner, we set out to solve this complexity. Our main goal is to be a bridge between traditional finance and blockchain-based finance.”
Gold also moved to the blockchain
Emrah Karadere, who stated that they want to offer an experience suitable for the investment habits of the Turkish people, said, “We have determined our first products as crypto money buy/sell and DeFi accounts. Until the end of this month, our users can buy/sell more than 50 crypto-assets that we have meticulously selected, with the advantage of 0 commission. We also moved gold to the blockchain by listing PAXG, an ounce-indexed crypto asset, on our platform. Users who invest in PAXG, which is held as real gold, through Block Earner, can be protected from the risks of holding physical gold with the assurance of blockchain and Block Earner. In addition, we make access to DeFi platforms easy and bring forward account logic to the blockchain. Investors accessing the world's leading DeFi platform Aave within minutes through our platform can evaluate their savings on a daily basis with assets such as BTC, ETH and USDC. Thanks to our infrastructure that facilitates DeFi access, it can provide a cost advantage of up to 95% in these transactions.”
“We comply with MASAK standards”
Block Earner Turkey Operations Manager Emrah Karadere stated that they are supported by Coinbase Ventures, the venture capital arm of Coinbase, one of the world's leading cryptocurrency exchanges, and concluded his evaluations with the following statements: “Block Earner, which was established in Australia in 2021, has recently started its Turkey operations . We completed 2022 with an investment of 4,5 million Australian dollars from important angel investors and investment companies, including Emin Gün Sirer, one of the founders of Avalanche, in the investment tour we carried out under the leadership of Coinbase Ventures. While ensuring the security of the assets held by our customers on our platform with Fireblocks, one of the leading names in this field, we comply with all the guidelines specified in the MASAK Compliance Guide prepared by the Financial Crimes Investigation Board for crypto service providers. Our users can access their assets whenever they want and can transfer them by converting them to TL at any time.”