Belarusbank, the largest bank in Belarus, has entered into the cryptocurrency space with the launch of a digital currency exchange service. As reported by the local news media Prime Press, the banking institution has allowed users to start purchasing or selling cryptocurrencies starting from Friday. Through the new crypto trading service, users can exchange their digital assets by using a Visa Payment Card.
Reportedly, the cryptocurrency exchange service is only available to the residents of Belarus and Russia for now. However, the bank intends to expand its crypto exchange service across other countries as well in the future. Currently, the citizens of Belarus and Russia can buy or sell digital assets against fiat currencies including Belarus’ native fiat currency Belarusian Ruble (BYN), Euro (EUR), and the native currency of the United States US Dollar (USD).
The bank has not revealed specifically the name of cryptocurrencies that have been supported on this exchange service. However, it has said to add trading support for more digital assets in the future. As per the report:
“In addition, the plans for the development of the joint project whitebird.io include expanding the list of cryptocurrencies available for exchange, as well as providing a number of additional services at the junction of the traditional economy and innovative financial technologies.”
For rolling out the new cryptocurrency exchange service, Belarusbank has collaborated with White Bird a cryptocurrency exchange operator which became a partner of the bank in the fall of the year 2018. In Ukraine, Georgia, and CIS countries, the only legal digital currency exchange operating out there is White Bird.
The rollout of the cryptocurrency service has occurred as part of the bank’s digital transformation program which it started many years ago. It is just the beginning. The bank also said back in the year 2019 that it intends to roll out digital currency exchange as well.
Belarusbank is not the first bank that has stepped into the world of cryptocurrencies but there are some other banks that have also shown interest in this industry. Recently, the private-owned Russian Bank Gazprombank said to provide trading and custody service for Bitcoin after getting a regulatory license from the Swiss Financial Market Supervisory Authority (FINMA). Apart from this, the largest bank in Singapore DBS had also announced recently the launch of the DBS Digital Exchange.