BiLira, a stable cryptocurrency that is backed by the Turkish Lira (TRY), where users can always buy and redeem 1 BiLira (TRYB) for ₺1.00 Turkish Lira, is soon to launch.
Every BiLira is 100% collateralized by TRY and is custodied by the company’s banking partners, which include: Garanti, VakıfBank, Fibabanka, and Turkish Bank.
Anyone who passes a KYC/AML check can purchase and redeem BiLira. Users will be able to send the BiLira ERC-20 token to anyone in the world within minutes.
How to Use
Steps to Purchase BiLira
- User wires funds to a custodian bank.
- Bank confirms the transaction and notifies BiLira.
- BiLira mints tokens and transfers to the recipient’s wallet.
Steps to Redeem BiLira
- The user sends tokens for redemption to an address provided by BiLira.
- Once BiLira receives the tokens, they are removed from the total supply.
- BiLira notifies the custodian bank to wire funds to the recipient’s bank account.