The WAVES platform consists of a Decentralized exchange where multiple Waves tokens can trade with each other. This is achieved through proxy tokens, tokens that are backed 1:1 and are interchangeable through gateways. Currently, there is two fiat pairs, USD and EURO, as well five cryptocurrencies, BTC, ETH, LTC, ZEC and of course WAVES and its custom tokens like Mercury, Waves Community Token and many others. The next fiat gateway installment is likely going to be the Turkish Lira, provided by a Turkish company named Digilira. The most interesting part is that this is the first fiat gateway pushed by a private company, rather than by the WAVES team.
Interested to find out more, we asked the owner of Digilira, Serkan Bayar, about the motivations behind his new company, how he got here, the cryptocurrency situation in Turkey and more.
Q: Tell us a little about Digilira
A: Digilira is a platform that allows you to convert Turkish Liras (TRY) into cryptocurrency tokens named wTRY. This wTRY token, issued on top of the Waves platform, is backed 1:1 by real Turkish Liras. Digilira will serve as a gateway for both of them, between real Turkish Liras and wTRY tokens. The Digilira company name is a shortened version of Digital Turkish Lira. We call it Digilira because it sounds euphonic. Our company was established on October 10th, 2017. Our company aims to create and sell a value in an electronic environment, to establish and operate websites to carry out these purposes, register members to these websites and earn income from these services.
Before the establishment of our company, we asked the “Banking Regulation and Supervision Agency” in Turkey about our company’s business activity. The response was optimistic and they only requested us to warn our users about cryptocurrencies volatility and requested us to prevent AML (Anti-Money Laundering) activities. So we will warn our users about volatility and we will request their identities for KYC/AML policies.
We will request people to use their real names while they are signing up for our service. We have access to the national judiciary informatics system, so we will be able to check if the given ID is fake or not. We will not accept deposits if a deposit doesn’t match the member’s name. We will not accept deposits if the deposit is made from an ATM. If this occurs, we will issue a full refund. Users will able to withdraw only from accounts that match with his name and ID.
After we got a good response from Banking Regulation and Supervision agency, we started to get in touch with banks. We prepared a document and explained to them about our intentions and services. They sent our documents to their head offices. Some banks have a blockchain management unit and we got responses from those units or the head offices. Their approach was positive and they asked more about our KYC/AML policies.
As of now, we have an agreement with 6 major banks in Turkey, and some more are underway. Those banks are, Turkiye Is Bankasi, Denizbank, Garanti, Akbank, Ziraat Bank and QNB Finansbank.
Q: Why did you choose the Waves platform for your upcoming Turkish Lira Gateway?
A: We believe in the Waves Platform as we are early adopters. Waves have a lite client so a regular user of Waves Platform doesn’t need to download the whole blockchain to operate. Also, Waves has a built-in DEX. You can easily store your assets on the Waves Platform and trade safely.
In Turkey, there are a lot of Waves supporters. There are 250 pages written in the Turkish Waves thread.
After the demand for Waves, I personally opened a blog site to spread the Waves Platform for the Turkish people. www.wavesturkiye.com
In Turkey, there are 3 major exchanges where you can buy and sell Bitcoins. Those are Paribu, BTCTurk and Koinim. These 3 exchanges have a total of 15 million dollars volume on average every day. All of these exchanges are centralized. By using Digilira as a gateway service, our customers will have lots of benefits.
Here they are:
Get Rid of High Commissions
Today on average, a 0.4% commission is paid on a centralized exchange. For example, a person who trades with 10 Thousand Turkish Liras pays a commission of 40 Turkish Liras when he gets Bitcoin from a centralized exchange in Turkey.
Digilira will allow our customers to use the Waves Platform’s decentralized exchange so users can trade with minimum fees (0.003 WAVES). For example, a person who trades 10 Thousand Turkish Liras only pays a total commission of 0.5 Turkish Liras.
Don’t Stick with Bitcoin
All other exchanges in Turkey are legal and they pay taxes on profits. When you decide to buy Bitcoin, you can buy directly from those 3 exchanges. But if you want to buy any other alternative currency, you have to transfer your Bitcoin to other exchanges. This is where the problem begins. You can’t buy any alternative currency with fiat money in Turkey.
Digilira will offer our customers to buy WAVES, Bitcoin, Ethereum, LiteCoin, Zcash, WavesGo, MobileGo, Primalbase, ZrCoin and more using our wTRY proxy token.
Time is Cash
It is very time-consuming to send Bitcoin from one exchanges to another when the markets are very fluctuating.
The time lag between sending and receiving Bitcoins from one exchange to the next can lead to losses, especially when you are dealing with large capital.
With www.digilira.com, you can buy or sell any cryptocurrency with your own currency (Turkish Lira) from the Waves decentralized exchange. In this way, it will be much faster to move from one cryptocurrency to the next.
Users of common centralized exchanges are often complaining about the lack of orders, site upgrades without prior announcement, and inability to access the site temporary especially when it is volatile.
www.digilira.com offers customers to trade on the decentralized exchange built in the Waves Platform to remove centralized exchange uncertainty.
Centralized exchanges keep your private keys and in the event of hacks, exchanges can lose their private keys.
By using digilira.com’s service, you will trade on a decentralized exchange, meaning, you will have full control of all your crypto holdings. Digilira Technology Corp is 100% legal and will pay taxes to the Republic of Turkey.
Q: What has the process been so far to get the gateway up and going?
A: After we decided to build the Turkish Lira gateway for Waves, we decided to name our brand as “Digilira”, then we applied at the Turkish Patent and Trademark office to get a patent for our brand. Luckily, the “Digilira” brand wasn’t taken before we got our patent but there was a barrier in front of us. The URL of www.digilira.com was already taken. We reached out to the owner and started to bargain. We agreed on the price and we bought the URL.
With our company now established, we applied for the www.digilira.com.tr (as only legal companies can get the .tr URL) but we will use www.digilira.com for our services.
Negotiating with banks was the longest step as we had some requirements. We requested banks to give a live feed of our accounts so we can track deposits live. It took around 4 weeks to deal with banks in regards to this issue. Now banks will provide data for specified IP addresses where our servers are located.
We also got an agreement with a firm called Manim. This firm will listen to banks and provide JSON data for us. This way we will collect deposit requests from digilira.com then JSON data of the deposit. If this data matches then we will send the wTRY automatically. So the deposit process will be autonomous but the withdrawals will be manual.
Q: Have you discussed with the WAVES team about the gateway? What was the response from the WAVES team like?
A: We are in touch with Waves team and people who have close relations with the Waves team in the slack channel. Marc Jansen (Hawky), Martin (mx), Cyrille Wetter (karlkarlsson) supported us. After the establishment of the company, we sent an e-mail to Alexandra Pestretsova. She then forwarded our e-mail to Vadim Radskiy (Integration manager) to arrange a meeting at Waves Headquarters on the 11th of November.
We are aiming to come back with an official announcement for Turkish Lira Gateway.
Q: What is the cryptocurrency situation in Turkey? Do you anticipate there will be a lot of demand for your services?
The president of the Turkish Central Bank said that “Cryptocurrencies may contribute to financial stability”.
We know some banks in Turkey are doing research on blockchain technology. A construction firm in Turkey named MiaVita started to sell their houses with Bitcoin. http://miavita.com.tr .
The cryptocurrency sector is on the rise in Turkey. We wanted to act fast and bring the real Turkish Lira into the cryptocurrency sphere. We are now a legal company and we will pay taxes from commissions we get. As we said before, on an average day Turkish exchanges have 15 million dollars volume. We are aiming to get 10% in 3 months. We are now collecting e-mail addresses to inform our customers when we go live. Now we have over 450 e-mail addresses.
Our topic on bitcointalk has 131 replies and almost everyone is excited and wants to use our services.
Q: Thank you for your time. Lastly, do you have an ETA for your product?
We are almost ready to go live, just waiting to get permission from Waves Team. If everything goes well in Moscow we are planning to go live by the end of the November.