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Ukraine's Largest Bank Moves Bitcoin Into E-Commerce

Ukraine's Largest Bank Moves Bitcoin Into E-Commerce

2015-12-07 15:55

PrivatBank will help European merchants accept Bitcoin in their online stores.

Ukraine's largest bank is embracing the digital cryptocurrency Bitcoin. The news was delivered during a recent cross-border e-commerce conference in Kiev.

PrivatBank is now offering online retailers the ability to accept settlement in Bitcoin, reports CCN and NewsBTC. This is not the first Bitcoin exchange, for e-retailers, but significant in being an established bank in Europe offering the service.

Bitcoin to Euro

The payment service which will convert Bitcoins to Euro or Ukraine’s national currency (Hryvnias) is not only marketed in Ukraine. The bank welcomes merchants from the rest of Europe as well.

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- We have already completed the testing service and traders are now looking for partners who are willing to integrate receiving Bitcoins in their checkout page. Also, we are focusing not only within the Ukrainian market but also the European market, said Christina Karmazin, head of E-Commerce at PrivatBank.

Online shoppers can choose Bitcoin as their payment method when arriving at the checkout. After scanning a QR-code the transaction is initiated and PrivatBank will use the current exchange rate before converting to the merchant's chosen currency.

PrivatBank has filed an application with the National Bank of Ukraine and expects approval of the payment service shortly.

Julius Gunnilstam

Editor-in-chief

Born computer engineer - today e-commerce expert and the leader of the editorial team at Ecomony. Been writing about e-commerce for six years.

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