The Turkish crypto ecosystem is eager to apply the age-old adage the bear market is an opportunity to develop to make Istanbul, Turkey's business hub, the home of the global Ethereum hype.

Turkey is among the most aggressive countries in the crypto and blockchain industries, and its interest goes beyond market fluctuations. The local community includes university clubs, Web3 startups, blockchain developers, academics, and a sizable number of investors. The country has hosted notable events such as ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain Week, and it aspires to do so even more.

According to economist Erkan z: "The high inflation rate is an important driver behind Turkey's rising popularity in crypto assets."

He did, however, mention that crypto adoption has yet to fully translate to blockchain startups or projects due to the lack of healthy regulations to meet the ecosystem's needs. "As soon as possible, Turkey should establish an institutional framework that will protect investors while supporting blockchain and crypto assets," z added.

The strong and prosperous ecosystem has a newly gained ambition that unites Bitcoin maximalists with "Shibarmy" troops: bringing DevCon 7, the largest Ethereum ecosystem conference, to Istanbul. With the help of key local figures, the situation quickly gained traction.

You can now find the hashtag "#DevconIstanbul" next to the names in the Turkish ecosystem's Twitter accounts. The initiative began in the digital world, but it didn't take long for it to spread into physical reality, as evidenced by ETHIstanbul's After Merge Party.

Turan Sert, author of two Turkish books on blockchain and decentralized finance, despite the rapid growth of cryptocurrency adoption. Sert described that the success of crypto- and blockchain-focused student groups at international events had significant ramifications and contributed to a rise in the number of devs in Turkey.

Following several delays, DevCon will be held in Bogota this year from October 11 to 14. Tansel Kaya, a professor at Kadir Has University and the CEO of Mindstone, highlighted the importance of attempting to bring the event to Turkey for gifted students who would otherwise be unable to attend such events.

What do you think about Istanbul's efforts to become a global blockchain leader? Let us know your thoughts by sharing this article on social media.

Oct 12, 2022
Digital Lifestyle

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