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An Eastern European bank Belarusbank, the largest bank in Belarus, has opened crypto services to its customers in the country, offering consumers options for buying and selling cryptocurrencies.
In an accredited report to PrimePress, such services have been made available by a partnership with Whitebird in offering its banking clients in the Eastern European country and Russia the option to buy and sell Cryptos and hope to add those services to more countries to this list as well as expand the list of digital resources offered.
- Belarusbank began offering crypto services on Friday, allowing its clients to buy and sell cryptocurrencies via Visa cards. In addition, it plans to add a total of four fiat for cryptocurrency purchases: US dollar, Belarusian ruble, Russian ruble and euro.
- Belarusbank is a state bank with a government share of 99.95%. The bank was reorganized in 1995 by merging with Sberbank of Belarus.
What you should know: We recall Nairametrics from a few weeks ago, which revealed how well-known US proprietary trading and venture capital firms are now in turmoil to buy cryptocurrencies amid the bullish trend unfolding in the rapidly changing financial market.
Data retrieved by Messari researcher Mason Nystrom showed a leading US trading company, Jump Trading, with experience in algorithmic and high-frequency operations and 700 employees globally, silently accumulating six DeFi cryptocurrencies.
What does it mean: The numerous global economic challenges prevailing around the world, including the exponential rise of COVID-19, inflation, and the alarming decline in value for most fiat currencies, have made paper money an unreliable store of value.
Hence, pushing these elite companies to retain their value in a deflationary currency such as cryptocurrencies, which can help them protect themselves from inflation and further used to preserve wealth.
