Crypto giant Bitmain opens physical Bitcoin mining equipment store in Istanbul

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Bitmain has become the latest leading cryptocurrency firm to venture into the Turkish market.

Mining equipment maker Bitcoin has opened a store in Istanbul as the country continues to experience growing interest in cryptocurrency businesses, Dunya reports.

Bitmain will operate through its official distributor Phoenix Store, which also serves the MENA region. Phoenix Store opened its first Bitmain store in St. Regis in Istanbul. The company also serves as a distributor of cold wallets, including Trezor, Cool Wallet, and Ledger.

Phoenix Store CEO Phil Harvey explained the motivation behind the partnership with Bitmain. According to Harvey:

As a Phoenix Store, we are happy to enter Turkey with Bitmain. Turkey is among the countries showing the most interest in cryptocurrencies. This interest from Turkish investors was one of the factors that pushed us towards the Turkish market. As the official distributor of Bitmain, we will offer the industry’s most advanced Antminer devices and cold wallets that secure crypto assets to Turkish investors. The cryptocurrency market is growing, in this sense, we believe that Turkish investors will focus on cryptocurrency investments.

He added that in addition to the St. Regis store, they plan to invest in other areas.

Crypto Firms Venture Into The Turkish Market

Bitmains’ adventure in Turkey could be seen as a strategic move to attract miners who go out of business in China. In recent weeks, China has stepped up its crackdown on cryptocurrency miners, with operators moving to other countries, including Kyrgyzstan.

Additionally, Bitmains’ Turkish store comes barely a week after blockchain solutions developer Pundi X also rolled out its services in Istanbul.

Pundi X notes that it targets businesses and offers its services in collaboration with the platform company as an OVO Dijital solution. Pundi X aims to facilitate convenient in-store cryptocurrency exchange by setting up physical cryptocurrency exchange points.

The development follows weeks of uncertainty over the country’s crypto regulations. On April 16, Turkey’s central bank announced legislation banning cryptocurrencies as a payment method, citing possible irrevocable damage and significant transaction risks.

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