Fun

Bingbon Adds Ruble, Hryvnia, and Tenge Support in Bid to Expand Geographical Presence

News Feed - 2021-07-15 04:07:54

Bingbon Adds Ruble, Hryvnia, and Tenge Support in Bid to Expand Geographical Presence


A tie-up between payment processor Advcash and Bingbon will help the social cryptocurrency trading exchange extend its services to Ukraine, Kazakhstan, and Russia through a newly introduced fiat on and off-ramp. Eastern European Fiat Support Echoes Regional Crypto Adoption


Outside of North America and Asia, Eastern Europe commands one of cryptocurrency’s biggest communities of miners, developers, and traders. At one point, just Russia was behind the U.S. and China in terms of bitcoin mining hashrates.


A 2020 Chainanalysis report substantiates this trend, highlighting that the highest concentrations of cryptocurrency adoption worldwide were centered in Ukraine and Russia in terms of value exchanged between July 2019 and June 2020. The same report highlighted that approximately 12% of all global transaction volume was based in Eastern Europe, making it a sizeable target for exchanges and other crypto services providers.


But the fiat on-ramps for this geographical region are fewer relative to other jurisdictions, and one reason may be the highest convergence of global illicit crypto activity being located within its boundaries. Still, de-dollarization in Russia and familiarity with alternative payment methods since the fall of the Soviet Union have this population primed to embrace cryptocurrencies, especially given the highly fragmented banking coverage in former Soviet states.


To attract this burgeoning community and expand its Russian market further, Bingbon, a cryptocurrency spot and futures exchange based out of Singapore, has partnered with Advcash to accept Russian Rubles (RUB), Ukrainian Hryvnia (UAH), and Kazakhstani Tenge (KZT). The new fiat-to-crypto-to-fiat partnership will help Bingbon support multiple payment methods, including Visa, Mastercard, MIR cards, and ADV e-wallet transactions.


For Bingbon, the move helps the social crypto exchange compete with other highly entrenched players in the region, like Binance and Huobi Global. For clients, it means an easier on and off-ramp for their fiat currencies to purchase bitcoin, ethereum, litecoin, bitcoin cash, ripple, zcash, and tether (USDT) in Bingbon’s ecosystem to access multiple products, including social trading.


Timing Corresponds With Miner Migration


The decision by Bingbon to expand support for Eastern Europe coincides with a great miner migration out of China in search of affordable electricity and supportive government policies. Among them, Bit Mining, based out of Shenzhen, began transferring its first batch of mining units to Kazakhstan last month as the Chinese Government expanded its crackdown on cryptocurrency miners. They are just one of the mining consortiums eagerly seeking new frontiers with an abundance of cheap energy.


Kazakhstan has responded to the influx of operations and equipment with a new electricity surcharge for crypto miners. Meanwhile, the Ukrainian government is also embracing cryptocurrency to an extent after selecting a bid for a cryptocurrency mining operation located next to a nuclear power facility.


While these Eastern European nations might provide friendlier cover for mining thanks to affordable power, governments are taking enforcement seriously. Ukraine is cracking down on illegal mining, evidenced by the July 10th seizure of nearly 5,000 mining units that were stealing power from the grid. Meanwhile, Russia is drafting new legislation intended to combat criminal use by helping the country legally seize cryptocurrency gained through illicit activities.


What do you think of crypto adoption in Eastern Europe? Let us know in the comments section below. Visa to Approve Cryptocurrency Card by Australian Startup FINANCE | 7 hours ago Oldest US Bank BNY Mellon to Provide Grayscale Bitcoin Trust With Asset Servicing and ETF Services FINANCE | 2 days ago Tags in this story Crypto Adoption, crypto exchanges russia, crypto mining, Eastern Europe, Kazakhstan, mining migration, Ukraine


Image Credits: Shutterstock, Pixabay, Wiki Commons, Corporate Finance Institute Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians
Custodial Lightning Network Service Attack Discovered by LN "Newbie" — Hacker Strikes 6 LN Custodians On September 18, a Redditor posted to the r/bitcoin forum and explained how
Alice Ivey7 hours agoHow to use ChatGPT for project managementDiscover how to leverage the power of ChatGPT for effective project management.3763 Total views4 Total sharesListen to article 0:00OverviewJoin us on social n
Veteran Investor Jim Rogers Optimistic About Future of Crypto Money
Veteran Investor Jim Rogers Optimistic About Future of Crypto Money Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he ha
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly
Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report
Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report The Biden administration is reportedly pushing to include global crypto data shari
SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer ‘Possibility of Economic Loss’
SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer "Possibility of Economic Loss" Disgraced FTX founder Sam Bankman-Fried (SBF) is attem
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project The Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to i
Treasury Secretary Janet Yellen: US Financial Stability Risks Could Materialize, Cites ‘Dangerous and Volatile Environment’
Treasury Secretary Janet Yellen: US Financial Stability Risks Could Materialize, Cites "Dangerous and Volatile Environment" Treasury Secretary Janet Yellen has warned that financia
Russia Considers Selling Power to Kazakhstan Amid Deficit Caused by Crypto Miners
Russia Considers Selling Power to Kazakhstan Amid Deficit Caused by Crypto Miners State-owned Russian energy giant Inter RAO is now discussing electricity supplies for Kazakhstan w
Bitstop to Unveil ATM That Dispenses NFTs at Bitcoin 2022 Event in Miami
Bitstop to Unveil ATM That Dispenses NFTs at Bitcoin 2022 Event in Miami The cryptocurrency automated teller machine (ATM) company Bitstop has revealed its plans to showcase a non-
Bitcoin Price Positioned for More Upside: Can It Keep Climbing?
Este artículo también está disponible en español. Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above
Jesse Coghlan8 hours agoSam Bankman-Fried found guilty on all 7 charges in FTX fraud trialU.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of cry