Turkish Stablecoin BiLira Launch on Avalanche
BiLira is set to introduce TRYB, a stablecoin based on the Turkish Lira, when Avalanche’s mainnet goes live. Previously, TRYB was only available as an ERC-20 token on Ethereum; yet with Avalanche, BiLira will be able to provide swifter and more dependable transactions that will give rise to increased scalability and user acceptance.
BiLira is a stablecoin provider committed to advancing the decentralized and peer-to-peer financial networks of the future. Since its inception a year ago, it has attracted more than 1500 customers and circulated 14 million tokens.
Deposits on the BiLira platform can be used to mint TRYB tokens, which are issued after successful identity verification. These tokens may then be exchanged for fiat currency and transferred across the network.
Avalanche, founded by Professor Emin Gün Sirer, Maofan Yin and Kevin Sekniqi, is an open-source platform that enables users to launch decentralized applications, new financial primitives and interoperable blockchains. This system allows developers to create private, public, permissioned or permissionless subnets with a customized core logic and validator set; thereby providing default compliance and privacy. Moreover, the protocol of Avalanche has been designed in such a way as to allow the seamless swapping of TRYB stablecoin on both Ethereum and Avalanche.
“We believe in the power of Avalanche, and we think it will revolutionize the blockchain ecosystem. With the transactional throughput north of 4,000 transactions per second and transactional finality under 2 seconds, Avalanche is bound to become a global standard for all stakeholders in the ecosystem.”– Vidal Arditi, COO of BiLira
The Avalanche platform is positioned to revolutionize open finance by allowing DeFi applications to be more comprehensive and keep up with worldwide demand. Even though the 5 leading stablecoins represent the U.S. Dollar, there is still a need for other currencies from around the world to be featured within the decentralized web.
“Avalanche’s performance and versatility, coupled with fiat pegged stablecoins like BiLira, can create a cryptocurrency alternative to the traditional foreign exchange markets. We’re excited to welcome BiLira to the Avalanche’s network, and expect to see many more innovative stablecoin projects like BiLira use Avalanche to push the boundaries of what’s possible.”– Emin Gün Sirer, Co-founder and CEO of AVA Labs
A mere twelve months after its launch, Avalanche has unveiled two test networks, culminating in a final testnet with more than 700 active nodes staking and engaging in the consensus protocol. With its ideal timing to take advantage of the burgeoning crypto assets user-base in Turkey and the worldwide DeFi trend, Avalanche has been able to draw contributions from a wide range of developers, and is set to release its main network this summer.
BiLira’s vision is to offer every Turkish citizen a seamless connection to the decentralized internet. We believe that the future of the economy is going to be globally transparent, freely distributed and available to anyone who is willing to connect with the decentralized financial system. Our team emerged from our aspiration to realize this vision with the intent of empowering the citizens of Turkey.– About BiLira