Turkey is working hard to make Istanbul the home of global blockchain hype

by · October 20, 2022

The people of the Turkish crypto-ecosystem are very eager to use the ancient words of wisdom “The bear market is an opportunity to build” to make Istanbul – the business hub of Turkey – home to the global hype around Ethereum.

Turkey is one of the most active countries in crypto and blockchain, and its interest extends beyond market movements. Along with a significant base of crypto investors, the local community consists of university clubs, Web3 startups, blockchain developers and academics. The country has hosted important events such as ETHIstanbul, Blockchain Economy Istanbul and Istanbul Blockchain Week and aims to achieve more.

The high inflation rate is a key driver behind Turkey’s growing interest in crypto assets, according to economist Erkan Öz:

“Many people [in Turkey] believe that they can no longer buy a car or house within the classic financial system. For this reason, interest in crypto-assets is increasing daily.”

However, he noted that crypto adoption has not yet fully translated into blockchain startups or projects because there are no sound rules to meet the needs of the ecosystem. “Turkey should establish a legal infrastructure that will both protect investors and support blockchain and crypto assets as soon as possible,” Öz added.

The thriving local crypto-ecosystem has a newfound ambition that unites Bitcoin maximalists with “Shibarmy” troopers – bringing DevCon 7, the largest conference for the Ethereum ecosystem, to Istanbul. Supported by local key figures, the movement reached large masses in a short time.

Today, if you look at the Twitter accounts of the names in the Turkish ecosystem, you will see the hashtag “#DevconIstanbul” next to their names. The initiative is rooted in the digital world, but it wouldn’t take much to extend it to physical reality – the latest example being ETHIstanbul’s After Merge Party.

Despite the rapidly growing crypto adoption, Turkey is lacking in terms of startups and developers, according to Turan Sert, the author of two Turkish books, one on blockchain and another on decentralized finance:

“We started late, but we are growing fast. The main reason for this is student clubs — the success of student clubs abroad and their resonance in Turkey.”

Sert explained that the success of crypto- and blockchain-focused student clubs in foreign events had great consequences and contributed to the increase in the number of developers in Turkey.

DevCon will be held in Bogota this year between October 11 and 14 after several delays. Tansel Kaya, academician of Kadir Has University and CEO of Mindstone, emphasized the importance of bringing the event to Turkey for talented students who do not have the opportunity to attend such events.

“We want our software developers and student communities in Turkey to meet the names in DevCon events, but it’s not always easy to go abroad,” Kaya explained, adding, “If we can’t go out, we have to bring them here .”