Acala Token (ACA) is a DeFi platform designed to create the liquidity layer of Web3 finance and provide infrastructure for traditional financial services. Contributing to the Polkadot ecosystem, Acala grew with support from the Web3 Foundation and private investment rounds, launching on Polkadot in 2021. Supported by the ACA token, the platform aims to be a significant player in the DeFi world with EVM compatibility and an innovative approach. In this article, you can find answers to two frequently asked questions: What is Acala Token (ACA), and how to buy Acala Token (ACA) with TRY.
What is Acala Token (ACA)?
Acala is a decentralized finance (DeFi) platform designed to create the liquidity layer of Web3 finance and provide fundamental infrastructure for traditional financial services. This includes tools such as a universal asset hub, a decentralized exchange (DEX), and a multi-chain asset routing bridge. Acala’s Blockchain is EVM compatible, allowing developers to use existing code and skills for seamless integration and continuous upgrades. The platform is supported by the ACA token, which plays a crucial role in its operations.
Founded by the Acala Foundation, a joint effort between Polkadot development groups Laminar and Polkawallet, Acala aims to create decentralized financial markets among various Blockchains connected by Polkadot’s Relay Chain. The network is designed as a public and operated foundational financial layer using Polkadot’s Substrate framework. While Acala primarily focuses on financial applications, it continues to pursue interoperability initiatives and expand its development capabilities to enhance its ecosystem and reach.
Acala received a development investment from the Web3 Foundation in 2019 to start its journey. The Web3 Foundation supports projects developing open-source decentralized applications (dApps) contributing to the Polkadot ecosystem. Acala’s stablecoin system, liquidity staking platform, and decentralized exchange are envisioned as the foundation of DeFi activity within the Polkadot network. This investment marked the beginning of Acala’s development towards becoming a significant player in the DeFi space.
Since its establishment, Acala has secured additional investments and private investment rounds. Following the initial investment in 2019, Acala received two more grants from the Web3 Foundation, highlighting the project’s potential and progress. Acala’s Seed and Series A fundraising rounds were led by renowned crypto investment firms Polychain Capital and Pantera Capital, respectively.
Acala’s innovative approach and robust development have made it a significant player in the DeFi world. The network aims to offer a comprehensive financial services package bridging traditional finance and DeFi, launching on Polkadot in 2021. With a strong foundation and continuous support from the Web3 Foundation and leading investors, Acala significantly impacts the future of DeFi.
How to Buy Acala Token (ACA) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy Acala Token (ACA). Over 100 cryptocurrencies, including ACA, can be bought and sold on Binance TR, where accounts can be created quickly. To buy Acala Token (ACA) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, go to the trbinance.com address and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to verify from your phone or via Binance TR’s official website. Note that you will also need your phone to verify from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the dropdown menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first, select the document type that suits you.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Ensure that the images are clear and that the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible after the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and transact 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 with FAST up to 50,000 TL. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first, go to the trbinance.com address, hover over the “Wallet” option at the top left of the main page, and click on the “Deposit” option from the dropdown menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make transfers via wire transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet in your Binance TR account.
How to Buy ACA Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to ACA coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to ACA purchase page by typing “ACA” in the search section on the right side of this page and clicking on the ACA/TRY option from the results.
Now the following ACA trading page will open. On this page, you need to enter the price at which you want to buy ACA in the first box in the red-marked area and the number of ACA you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy ACA” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.
