What is Paribu?

Founded by a software team under the leadership of Yasin Oral and launched on February 14th, 2017, Paribu became a market leader within a short period. The history of Paribu, providing services for about 600,000 users today…

In 2008, when Satoshi Nakamoto introduced Bitcoin, allowing for decentralized peer-to-peer payment with a powerful argument and infrastructure against the traditional financial practices and instruments, this made a huge impact all around the world within a short period of time.

Since then, it would be possible to carry out financial investments and transactions without being dependent on any government, institution, or organization. Moreover, this would offer a faster and more cost-effective advantage in financial transactions as compared to traditional methods. Bitcoin was a landmark for both investment and payment transactions.

Following Bitcoin, numerous alternative cryptocurrencies with various basic and technical characteristics have been introduced. Some of them have come to this day with their strong infrastructures, remarkable characteristics, and trading volumes.

This transformation process has also become influential in Turkey thanks to its population, who quickly adapts to next-generation technological and financial innovations. Cryptocurrencies and blockchain technology received a great deal of attention.

By 2016, the number of individuals with digital assets has significantly increased. Bitcoin and other cryptocurrencies have reached a considerable trading volume and the scope of the investments and activities in this respect have also significantly increased in Turkey.

Nevertheless, although the use of cryptocurrencies has gradually increased in Turkey, there was still a need for a platform where users would securely trade such cryptocurrencies and make fast and easy transfers.

Preliminary preparation of Paribu

In 2016, a team under the leadership of Yasin Oral identified this need and conducted analyses on the user expectations and requirements. A functional user interface, an infrastructure allowing for easy transactions as well as secure storage of the user data and digital assets were considered to be of critical importance.

Following identification of these needs, preliminary activities to launch Paribu have been initiated. Interface, infrastructure, and cold storage were created in order for the clients to access the cryptocurrency ecosystem in a simple, easy, and secure way. The Support Unit was formed to provide technical support for the users on a 24/7 basis. The necessary infrastructure for keeping all assets of the users in secure cold storage was established. Requirements and conditions for continuous use of protocol(s) on the protection of personal data were successfully completed. Now, it was time to introduce Paribu to users.

Introduction to the users

Paribu was first introduced for transactions as of February 14th, 2017. The clients have adopted Paribu within a short period of time. This is also reflected in the statistical figures of Paribu and became a market leader within a period of 3 months from its foundation. In December 2017, Paribu achieved the 16th place on the list of CoinMarketCap-World with its daily trading volume of 5,800 BTC, corresponding to 49,300,000 TRY based on the then-current exchange rate.

As its number of users and trading volume have increased over time,  Paribu continued to carry on its activities based on the demands and expectations of its users.

Expanding its market allowing for Bitcoin trading, Paribu began to offer altcoin transactions as of October 2018. The following cryptocurrencies are currently traded on Paribu:

Bitcoin (BTC), Litecoin (LTC), XRP, Ethereum (ETH), EOS, Cardano (ADA), Stellar (XLM), Tron (TRX), NEO, Tether (USDT), Holo (HOT) Bitcoin Cash (BCH), Dogecoin (DOGE), Basic Attention Token (BAT), BitTorrent Token (BTT), Chainlink (LINK), Ravencoin (RVN), Waves, Chiliz (CHZ), Tezos (XTZ), Ontology (ONT), Cosmos (ATOM).

Transaction services to define global standards

In order to provide its clients with faster and easier transaction facilities in this process, Paribu introduced paribu.com version 2.0. on February 15th, 2019, the platform began to offer 24/7 Turkish Lira (TRY) deposit and withdrawal transactions. On July 18th, 2019, Paribu mobile app for iOS and Android systems were published for the clients to follow up the cryptocurrency market at any time and carry out their transactions faster through their smartphones. Paribu mobile app received a great deal of attention from the users and the number of users of Paribu mobile app has exceeded 110,000 within a short period.

Paribu also continued its efforts to be a source of reliable information in order to prevent information pollution in cryptocurrency markets. Using its social media accounts and Paribu Help Center in order to fight against unrealistic promises for profit and manipulative data, Paribu introduced its official blog in December 2019 by announcing, “ParibuLog, your compass in the cryptocurrency world, is now live”.

Sustainable success from local to global

Being at the final stage of its efforts to carry forward its growth in local markets to a global scale, Paribu continues its efforts to extend the scope of use of cryptocurrencies in everyday life. Taking concrete steps to build Paribu blockchain network to ensure that Turkey makes more effective use of blockchain technology, the platform has adopted practices to constitute a benchmark to the regulative standards in the storage of user data and digital assets.

Paribu still maintains its market leadership status with its more than 600,000 users, a daily trading volume of about $12 million, and its market in which a transaction is made every 4 seconds.

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.

Paribu

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