Türkiye's first blockchain startup from Medipol: EtraPay was acquired by Ava Labs


The Turkish blockchain startup EtraPay, developed within Istanbul Medipol University, has been acquired by the US-based Ava Labs. This acquisition has been recorded as the first exit transaction in the field of blockchain in Türkiye.

Focusing on Zero-Knowledge Proofs (ZK Proofs) and homomorphic encryption technologies, EtraPay stands out with its solutions that establish a balance between privacy and auditability in blockchain-based payments. The Encrypted ERC (eERC) standard developed by the initiative contributes to the creation of privacy-oriented yet regulation-compliant financial infrastructures.

Founded by graduates of the Computer Engineering Department of Istanbul Medipol UniversitySchool of Engineering and Natural SciencesFurkan Boyraz,Berat Öztürk, and Emre Kaan Satış the initiative quickly attracted the attention of the international technology ecosystem. What began approximately 2.5 years ago as an academic entrepreneurial idea has culminated in a globally significant acquisition agreement.

In a statement by the founding team, it was emphasized that the recognition of their solutions in privacy and auditability in blockchain payments by international investors represents a critical threshold for technology ventures emerging from Türkiye. The statement also highlighted the pride in building a strong success story extending from Türkiye to the global stage.

Ava Labs aims to integrate EtraPay’s eERC standard into its own ecosystem, targeting a new transformation in blockchain-based payments. Through its AvaCloud infrastructure, the company plans to develop systems that ensure full auditability while safeguarding sensitive data.

The new technology is expected to create diverse use cases across sectors such as finance, decentralized finance (DeFi), asset tokenization, and supply chain management. This development demonstrates that an initiative developed within Istanbul Medipol University can generate value in global markets through acquisition by an international technology company.