The Paribu exchange is a Turkey-based cryptocurrency platform that was launched in Istanbul in 2017. With a customer base covering 5+ billion users, it is one of the biggest cryptocurrency exchanges in the country. The facility offers over 60 cryptocurrencies and supports the national fiat currency as it enables trading and exchanging crypto in pairs with the Turkish Lira. Additionally, USDT pairs are offered on the platform. Depositing and withdrawal of TRY are available through any of the seven banks integrated with Paribu.
The company focuses on technological development while the reliability of the platform is tested with time. The facility successfully continued its cryptocurrency activities amidst the economic crisis in Turkey, with the soaring inflation rate that reached 21% in 2021, a high unemployment rate of over 11%, and the collapse of two Turkish exchanges, Thodex and Vebitcoin. Moreover, the platform even managed to release new products in that timeframe.
The Paribu exchange started its operations in 2017 offering its users a fast cryptocurrency transaction service with easy-to-use functionality. The platform is available for mobile users as well supporting iOS and Android-based devices.
“Easy Buy/Sell” is the option allowing users to trade cryptocurrencies in one step by simply specifying the amount they want to spend. The platform sometimes temporarily suspends this process to protect users when price fluctuations are high. It does that, for instance, when the price movements of cryptocurrencies are subject to changes of 10% or more within minutes or even seconds making the number of orders per second grow uncontrollably.
Paribu positions itself as a new generation technology company. With the roadmap being based on pioneering work in the field of technology, the founders pay specific attention to developing the ecosystem of the platform.
On January 14, 2022, a press conference was held where the launch of Paribu Net was announced, which is Turkey's first independent blockchain project. Also, the company simultaneously established Paribu Ventures, the project that supports the promising products of the ecosystem. It is planned to invest in at least 30 startups within two years under the umbrella of Paribu Ventures. The company has allocated a budget of 30 million USD at the first stage. It aims to support financially and provide access to the technological infrastructure of Paribu for the initiatives or projects which are selected by specific criteria.
The testnet of Paribu Net was launched in January 2021. At the time of writing, the company plans to launch the mainnet on February 14, 2022. As the Paribu developers say, the blockchain project can boast its speed, reliability, security, and scalability thus providing comprehensive functionality to the network. Paribu Net can be used to create smart contracts, decentralized exchanges, DeFi platforms, NFT markets, and dApps. The platform is also going to launch the pre-sale of the native utility token, Paribu Coin, which is going to fuel the development of the ecosystem. The company is going global with the successful development of these products while the ecosystem will not stop on it as other projects are on the way.
Paribu social activity
The exchange collaborates with various companies in the field of social responsibility. For example, it supported seven athletes who represented Turkey in the 2021 Tokyo Olympics. Cooperating with Sen De Gel Foundation, which conducts sustainable projects for disadvantaged regions, the company also paid for the drilling of 7 water wells to provide people with access to water in Africa.
The company tries to influence the legislation and the regulatory processes in the blockchain industry. In addition, Paribu performs educational work to improve the situation since there is just a small handful of companies that provide custody services. The company is doing its best to make blockchain technology widespread by contributing to the cryptocurrency market and educating its users on the new technology.
Paribu provides 24/7 customer support for its users. The platform has an intuitive interface with clear and simple functionality that enables users trading on the platform to enjoy their experience. Understanding the importance of UX, Paribu launched a partnership with SHERPA, one of Turkey's most competent institutions in the creation and design of user experience strategies for digital products and services. It ultimately brought to the acquisition of the company in December 2021.
The Paribu project features safety and transparency. The company has earned an excellent reputation on the market as it has been successfully operating on the cryptocurrency market and bringing cryptocurrencies to the masses in its native country for a long while. The new projects launched by the company will expand the company’s activity thanks to Paribu Ventures that is an organization that invests in blockchain startups and technologies.
Partnership with SHERPA
The Paribu platform has been cooperating with SHERPA since 2020. The purchase was successfully completed on December 22, 2021. SHERPA is not a trading platform but a technology company, which has been operating for over 9 years to make the interaction with various applications convenient. As cryptocurrencies started gaining popularity, the company has decided to focus on this area by adding humanity to blockchain applications. According to the statements of the Paribu team, this is a company that shares the same vision with Paribu that pays much attention to the user experience in digital products.
SHERPA has helped to refine the user experience within Paribu’s web and mobile applications. The cryptocurrency exchange has been so satisfied with SHERPA’s work, that it simply acquired the company instead of paying invoices.
At the time of writing, the staff of the company includes more than 200 people. The key persons of the company include Paribu CEO Yasin Oral, Paribu Business Development Manager Akar Aydemir, and Paribu Ventures Manager Utku Dört. Paribu Advisory Board Members are Cemil Şinasi Türn and Turan Sert. The founder of SHERPA Yakup Bayrak also serves as a member of the Paribu Advisory Board. All of them actively communicate with journalists and members of the ecosystem explaining the details of the released and future projects of the platform.