Stepping into 2022 with Scalable Solutions

As the new year fast approaches, Scalable Solutions has been busy at work finalising some exciting product updates for our current and future clients to enjoy in 2022.

Let’s take a quick look at some of the highlights of the past year.

  • Scalable integrated SumSub, an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. The partnership with SumSub helped our clients to easily tackle all onboarding and compliance challenges that come with identity verification. Moreover, it optimized KYC and AML procedures by converting existing policies into automated digital processes that allow faster and safer customer onboarding.
  • We introduced Scalable Audits, a product aimed at helping smart contract projects ensure robust security. Through a thorough analysis of the source code architecture, Scalable identifies vulnerabilities and provides a Security Audit report with recommendations to guard against potential attack vectors.
  • Additionally, Scalable is one of the few to support the FIX protocol — standard in global financial markets, but unusual in the digital assets sector. It allows established financial institutions to integrate trading algorithms designed for traditional markets seamlessly into the world of digital assets. The Scalable platform uses the most advanced APIs. Also, it supports FIX protocol 4.2 (standard in US equities today), 4.4 and 5.0 for MD feeds and managing orders. These battle-tested protocols are optimized for minimum latency.
  • Scalable also took a deeper dive in digital asset adoption, developing a series of articles exploring cryptocurrency adoption and regulatory frameworks in regions around the world — find them here.

Stepping into 2022 with Scalable Solutions

For 2022, we have planned an array of positive updates, both to our products and the way we work. Our team has expanded substantially to accommodate the growing demand for advanced trading infrastructure and our company growth plans for the new year.

Below you will find some of the new products and features you can benefit from straight away.

We’re delighted to share that from 2022, Scalable will offer clients its own white label custodial wallet. The wallet is an add-on integration to Scalable Solution’s digital asset exchange, allowing for a comprehensive white label offering. With the Scalable wallet, users can easily buy, send, receive and swap every asset listed on the exchange.

The digital asset wallet features include:

  • An intuitive interface that makes it simple to navigate and trade, regardless of experience
  • It ensured high level security through advanced cryptography
  • Cross-platform functionality
  • Tailored news feed per digital asset
  • It supports the most popular payment methods
  • An option to customize the wallet according to your brand, with a variety of language options

Scalable has integrated Perpetual Futures into the exchange solution. The new derivatives instrument acts similarly to traditional futures contracts. The main difference is that it has no expiration date and can be held indefinitely.

This feature is supported by the Futures Tab with a futures market overview for the current time and the updated Terms of Trading.

SumSub Liveness Check

We are partnered with SumSub to provide a secure and easy KYC process, especially with the new Liveness Check feature. Users no longer need to take a selfie with a passport to prove their identity, or wait for the manual verification that causes delays in the KYC process.

In brief, Liveness Check is based on a biometrics verification. This is a safer and more user-friendly verification method, as opposed to selfies. The ability to perform automated checks reduces officers’ workload and users’ wait times. Trading clients can pass verification in as little as 4 seconds, drastically reducing drop off rates.

Simplex & XanPool Payment Gateways

Simplex and XanPool are the newest additions to our platform, facilitating fiat to crypto payments. Our clients now have a choice of five cryptocurrency payment gateways — BanxaMoonPayMercuryo, and the aforementioned Simplex and XanPool.

Prime Trust

The integration with Prime Trust, an innovative open-banking financial solutions provider, allows users to move fiat on the exchange in real time and on a limitless basis. Hence, we can reduce the time to market in a secure and regulated manner.

Hidden Orders (HO)

The feature allows users to place hidden orders. Thus, we can exclude the influence of the order on the market, enabling a more profitable order execution.

The feature is now available through API, but will soon be available on the web.

Reduce-Only Orders (RO)

When users place a close order, they need to ensure that it doesn’t flip the position. In order to do this, we propose a Reduce Only feature for orders.

Reduce Only is a parameter for buy or sell orders. When specified, the order is limited by the size of the current position and orders before it. Reduce Only orders are compatible with any type of order (except for Scaled orders on the web) and any Time in Force instructions, but are available only on margin and derivatives.

The feature is now available through API, but soon will be available on the web.

Take Profit Orders (TP)

We have added a new order type called Take Profit order (Take). Similar to a stop-loss order, it is activated only when a certain price is reached on the market, but with the reversed price condition. TP Orders are available on all markets, including spot, margin and derivatives.

The feature is now available through API, but will soon be available on the web.

At Scalable Solutions, we are excited for what 2022 will bring and the innovations we have in store for our clients.

We would like to take this opportunity to thank you for your support and wish you a wonderful year ahead. Happy 2022 from Scalable Solutions!

Digital asset exchanges in 2021: Learning from mistakes

The state of digital asset adoption in Turkey

Turkey has been at the center of the digital asset adoption discussion for some time now. As a country with the potential to become a global blockchain hub, it deserves careful revision.  

The adoption measurement struggle

Measurement of digital asset use in Turkey has proven to be a more delicate task than in other countries. In its 2021 Global Customer Survey, Statista presented Turkey as one of the top five countries leading digital asset adoption worldwide. According to the study, nearly 16% of survey respondents said they owned or used digital assets [1]. 

Conversely, two recent studies carried out by local exchanges draw a sharp contrast to this posture. Istanbul-based leading cryptocurrency trading platform Paribu reported a digital asset use of less than 1% in 2020, with an eleven-fold increment in 2021 (~7.7%). The same report details a 54 percentage point increase in the number of people who heard about cryptocurrencies; a 74% user satisfaction related to transaction experience was also noted. Respondents also selected the ability to execute transactions 24/7 with no geographic restrictions to be the predominant advantage for digital assets’ use. Interestingly, this growth in digital asset awareness did not come accompanied by knowledge in its underlying blockchain technology. For example, four-out-of-five people never heard of blockchain technology, virtually maintaining this level from the previous year [2].

Furthermore, a more recent data-centered integral study carried out by Statista displays the growth of daily users of selected applications that allow cryptocurrency storage, from January 2017 to February 2021. Nearly 300,000 users utilize cryptocurrency-related storage applications daily, with BtcTurk PRO and Binance leading the list.



cryptocurrency storage in Turkey

Source: Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Turkey from January 2017 to February 2021 [3].

Potential reasons for adoption

Similarly to many South American or African countries, digital assets have served as protection against inflation in Turkey, and fueled the interest in those looking for a hedge. In February, the lira experienced an inflation rate jump of 15%, a percentage considerably higher than the 5% target set by the monetary authority. In addition to the inflation jump, the lira continues its long-term depreciation against the US dollar. Since its value of 1.78 USD/TRY in October, the exchange rate has been steadily increasing to 8.5 USD/TRY in September 2021, to its current 12.36 USD/TRY.

The current state of affairs

In addition to the opposing positions that overburden the analysis on digital asset adoption in Turkey, one can encounter further data-related challenges – with volume analysis being a central one. Take, for example, the $2.8 billion traded between March 20-24 – a spectacular increase when compared to the $12 million traded during the same period last year. What would otherwise be a valuable piece of information on adoption trends, is subject to a thorough examination. This stems from Turkish exchanges not requiring licenses, with several operating with inflated volumes and incurring unethical practices [4].

A timeline of recent events

Some relatively recent events from 2021 that will probably affect the adoption of digital assets in Turkey include:

  • April 16th. The Central Bank of the Republic of Turkey (CBRT) announced the prohibition of the use of cryptocurrency as a payment method. While taken as a setback by millions of users and payment firms, this statement did not make it illegal to trade digital assets. It did not change the circumstances for cryptocurrency exchanges.
  • April 30th. The CBRT banned the use of digital wallet providers as fiat on-ramps for crypto exchanges. This was the first attempt at introducing a legal framework that would define digital assets as “intangible assets that are virtually generated using a distributed ledger or a similar technology and distributed over digital networks,” not as currencies.
  • September 15th. The CBRT advanced an R&D project to analyze the prospect of a digital Turkish Lira. It signed a memorandum of understanding with three domestic research and technology companies that will form the “Digital Turkish Lira Collaboration Platform.” Participants will develop and test the digital lira prototype network [6] [7].
  • September 20th. A conflict arose between Turkish authorities. Turkish President Recep Tayyip Erdoğan spoke against the CBRT position on digital assets, declaring it to be at ‘war with cryptocurrencies’ [8].


While the current status of digital asset adoption is momentarily unclear, we can gauge one probable conclusion – the Turkish region will be subject to many blockchain-related developments in the coming years. Those developments may see extraordinary adoption rates, political and regulatory developments, or a combination of both. 

Your Scalable Solution

Scalable Solutions can provide a wide range of products and services in the space to make the ‘create your exchange’ journey easier – regardless of the region. With several partners to help our clients navigate the regulatory requirements needed to run an exchange, we are equipped to swiftly adapt to new circumstances – both technological and regulatory.

Get in touch with us today to bring your project to life. 






[1] Buchholz, Katharina, and Felix Richter. “Infographic: How Common Is Crypto?” Statista Infographics, 17 Mar. 2021,

[2] Paribu, Akademetre. June 2021. Cryptocurrency Awareness Research. Accessible at

[3] Best, Raynor de. “Most Popular Cryptocurrency Apps Turkey 2021.” Statista, 7 May 2021,

[4] Diwakar, Amar. Why Are Cryptocurrencies Booming in Turkey?

[5] Kahraman, Erhan. “Crypto Payments Banned in Turkey – Is This Just the Beginning?” Cointelegraph, 20 Apr. 2021,

[6] Bryanov, Kirill. “Turkish Central Bank Taps Local Tech Firms for Digital Currency R&D.” Cointelegraph, 15 Sept. 2021,

[7] “Press Release on Central Bank Digital Turkish Lira R&D Project.” TCMB, 15 Sept. 2021,

[8] Kahraman, Erhan. “’We Are at War’ with Crypto, Says Turkish President Erdoğan.” Cointelegraph, 20 Sept. 2021,