Users of Favbet ‘s Entertainment platforms will soon be able to create cryptocurrency wallets and fund their accounts with seven of the most popular virtual coins.
More about the innovation and when it will become available, in the partner material, company representatives tell.
When will it be possible to replenish accounts in crypto?
It will be possible to integrate new payment instruments on Favbet platforms immediately after the amendments to the Tax Code of Ukraine come into force and the legal framework that regulates taxation and processing of virtual assets is approved.
For our part, we have already carried out all the technological processes and are now awaiting approval of the work regulations from the state. Testing of new payment options began in March of this year, when cryptocurrency was legalized in the country.
We saw that the interest in this topic is very high, so we are happy to be able to scale to all platforms soon. We believe that the updated legislation will put Ukraine on a par with the most progressive countries in the world, and we are pleased that Favbet has been and remains among the drivers of these positive changes.
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What cryptocurrencies will be available
Favbet platform users will be able to fund their accounts with 7 popular cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Tether USD (Erc20), Tether USD (Trc20) and TRON. However, we are open to cooperation with leading companies in the industry, so there will only be more options.
It will be as easy to pay with cryptocurrencies as with a payment card : users will only need to create a cryptocurrency wallet in their own account and select the necessary coin.
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About the popularity of cryptocurrencies
According to the Global Crypto Adoption Index 2021, Ukraine is in the top five countries in terms of cryptocurrency trading volume, and more than 5.5 million Ukrainians own cryptocurrency assets.
Since the beginning of the war, virtual coins have also become a powerful fundraising tool. For example, in July this year alone, the Aid for Ukraine platform of the Ministry of Digital Development reported $54 million in donations in the form of virtual assets.
We also do not stand aside. This year, Favbet Tech became part of the IT Association and, together with other members of the association, supports the activities of the Ukrainian “cyber army” that deliver devastating blows to hostile IT infrastructure.
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