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Ukraine’s Monobank to debut Bitcoin trading via debit card

dmitry demidko z VuRg ZOEg unsplash

TL;DR Breakdown:

  • The Ukraine-based e-banking platform, Monobank is plans to launch bitcoin trading via debit card.
  • This initiative will allow Ukrainians to buy and sell Bitcoin using debit cards. 
  • The service is currently pending approval from the central bank. 

Monobank, one of the successful internet banking platforms in Ukraine, is reportedly planning to roll out a bitcoin trading service later this month.

Bitcoin trading via debit card

Per the announcement, the internet banking platform plans to support the bitcoin trading service via debit card. This means that Ukrainians will be able to buy and sell their bitcoins using debit cards. This essentially offers Ukrainians more exposure to the new asset class. 

The pilot phase of the bitcoin trading service has been completed, which oversaw the integration with a digital currency trading platform, according to Oleg Gorokhovsky, the co-founder of Monobank. 

At the moment, the initiative is pending approval from the country’s central bank. Monobank’s bitcoin service comes as the country makes progressive efforts to regulate digital currencies in their jurisdiction.

Last week, the Ukrainian authorities passed new legislation for crypto payments while also enforcing KYC measures on local crypto exchanges. 

US banks already offering crypto services

Some major banks in the United States are already offering their clients exposure to bitcoin. As of June 18, Cryptopolitan reported Goldman Sachs as the first banking institution in the US to trade bitcoin futures, following its collaboration with Galaxy Digital.

JPMorgan also had plans to introduce crypto offerings to clients. This support from banks continues to increase amid the growing interest of their clients for cryptocurrencies. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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