An East European bank Belarusbank, the largest bank in Belarus, has opened crypto services to its clients in the country, offering consumers, options in purchasing and selling cryptos.
In a report credited to PrimePress, such services were made available by a partnership with Whitebird in offering its bank customers in the Eastern European country and Russia the option to buy and sell cryptos, and hope to add such services to more countries to this list as well as expand the list of offered digital assets.
Belarusbank began offering crypto services on Friday, allowing its clients, buy and sell cryptos via using Visa cards. Furthermore, it has plans to add a total of four fiats for crypto purchases: US dollar, Belarusian ruble, Russian ruble, and euro.
Belarusbank is a state-owned bank with a 99.95 percent government share in it. The bank was reorganized in 1995 by merging with Sberbank of Belarus.
What you should know: Recall Nairametrics a few weeks ago, revealed how well-known U.S proprietary trading firms and venture capital companies are now in the buzz of buying cryptos amid the bullish trend playing out at the world’s fast-changing financial market.
Data retrieved from Messari researcher, Mason Nystrom, showed a top U.S proprietary trading firm, Jump Trading – with expertise in algorithmic and high-frequency trades and 700 employees globally, accumulating six DeFi cryptos quietly.
What this means: The many global economic challenges prevailing around the globe which include the exponential rise of COVID-19, inflation, and the alarming plunge in value for most fiat currencies have made paper money an unreliable store of value
Thus, pushing these elite firms to store their value in a deflationary currency like crypto can help them to hedge against inflation and be further used to preserve wealth.