Belarusbank launches crypto trading services in collaboration with WhiteBird

Belarusbank, the largest financial institution in Belarus, has launched crypto trading services in association with WhiteBird.

By · Nov 17, 2020 . 5min read

Belarusbank crypto trading services latest news

The largest bank in Belarus, Belarusbank, has launched crypto trading services. Belarusbank has introduced crypto buying and selling services today in collaboration with WhiteBird. According to local daily Prime Press, initially, the services will be accessible to the bank’s customers in Belarus and Russia. Belarusbank is one of the primary banks in Belarus to roll out its crypto trading services. 

Belarusbank introduces crypto trading services via Visa cards.

The Belarusbank introduced these new services to enable its consumers to purchase and trade cryptocurrencies utilizing Visa cards. Besides, it intends to support four fiat currencies for buying cryptocurrencies. It includes the Russian ruble, Belarusian ruble, US dollar, and Euro. However, the report does not particularly specify the crypto assets accessible on the exchange. The report states that there are strategies for the platform to extend support for more cryptocurrencies. The bank, additionally, has programs to attach more nations to this list.

Belarus has a positive approach towards crypto.

For the uninformed, Belarus has an optimistic stance towards cryptocurrency and blockchain technology with its sturdy regulatory framework. In 2017, the President of Belarus, Alexander Lukashenko, inked a decree authorizing the application of bitcoin and other cryptocurrencies. Moreover, Belarusbank has a 99.95% government share in it. Additionally, restructuring of the bank took place in 1995 by consolidating with Sberbank of Belarus.

The bank collaborated with WhiteBird, the only legal cryptocurrency market operator in the CIS countries, in 2018. Belarusbank officials reportedly stated that the launch of the new crypto trading services is in association with the company’s digital conversion program, declared a few years ago.

The declaration by Belarusbank comes a month after the Russian state-owned bank Gazprombank declared that its Swiss subsidiary would be launching crypto trading and custody services to specific clients in Switzerland. Moreover, while Belarusbank commences cryptocurrency trading, other global platforms are leaving Belarus. Earlier, Bittrex terminated its crypto services for customers in Ukraine, Belarus, and a few other countries.

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