Since the beginning of 2021, Ukraine has decided to enlist itself among countries that are welcoming and friendly towards the cryptocurrency industry. Just a few months back, it was reported that the regulatory authorities and the Ukrainian Government are working on legislation around cryptocurrencies.
As the country continues making progress towards cryptocurrency adoption and legislation, the financial institutions are also getting on board. Financial institutions whether real-world or digital, are moving with the adoption of cryptocurrencies.
Just recently, a major e-bank based locally in Ukraine is set to offer a new service and product to their users. The firm has announced that it is making preparations for the adoption of Bitcoin (BTC) trading. Furthermore, the e-banking solution is putting a process in place for the launch of debit cards.
The name of the particular e-banking application is Monobank, which is one of the most prominent online banking applications in Ukraine. The announcement around the integration of Bitcoin was made by Oleg Gorokhovsky, co-founder of Monobank on Monday, July 5, 2021.
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In the announcement, Gorokhovsky revealed that they have already integrated the pilot for the platform for cryptocurrency trading. Once they are done with the pilot integration process and make the right implementations, they will be set to launch the main version of the platform.
Gorokhovsky has announced that once the new integration is in place in real-time, the users on Monobank would be able to deal in Bitcoin. They would be able to benefit from the buying and selling feature of Bitcoin with the help of debit cards.
According to the Monobank CEO, they are confident that they will be able to launch the application by the end of the running month. For now, Monobank is waiting for a response from the National Bank of Ukraine. Once they have approval from their end, they will be able to go all out with the launch of the application.
Monobank has been operating in Ukraine for more than 4 years as it was launched back in 2017. Monobank was launched in the Ukrainian market after the acquisition of the Universal Bank’s license. Universal Bank is reportedly owned by Sergey Tigipko, who is reportedly a tycoon.
Prior to becoming the owner of Universal Bank, Sergey Tigipko was ex-deputy PM of Ukraine as well as former central bank chief.
Back in August of 2020, Monobank had reported that it had achieved a customer base of 2.5 million in Ukraine. According to the online banking solution, they had been receiving a lot of demand for cryptocurrency integration from their users.
As the crypto-industry is constantly growing in Ukraine and it is moving towards gaining legislative recognition, it is the right time to adopt it.