Bitcoin News and Finance
Bingbon Adds Ruble, Hryvnia, and Tenge Support in Bid to Expand Geographical Presence Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

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 he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory