A tie-up between payment processor Advcash and Bingbon will help the social cryptocurrency trading exchange extend its services to Ukraine, Kazakhstan, and Russia through a newly introduced fiat on and off-ramp.
Eastern European Fiat Support Echoes Regional Crypto Adoption
Outside of North America and Asia, Eastern Europe commands one of cryptocurrency’s biggest communities of miners, developers, and traders. At one point, just Russia was behind the U.S. and China in terms of bitcoin mining hashrates.
A 2020 Chainanalysis report substantiates this trend, highlighting that the highest concentrations of cryptocurrency adoption worldwide were centered in Ukraine and Russia in terms of value exchanged between July 2019 and June 2020. The same report highlighted that approximately 12% of all global transaction volume was based in Eastern Europe, making it a sizeable target for exchanges and other crypto services providers.
But the fiat on-ramps for this geographical region are fewer relative to other jurisdictions, and one reason may be the highest convergence