augustus 18, 2022

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Cryptocurrency for everyone, or why WhiteBIT created trading pairs with Eurocurrency

Volodymyr Nosov, founder and CEO of the largest cryptocurrency exchange in Europe, WhiteBIT

The main reason why I once decided to deal with cryptocurrencies is my belief that blockchain technologies will change the world and rewrite the history of human civilization. No matter how skeptical some are today, it will happen sooner or later. More precisely, it is already happening. This process has acquired irreversible forms. The world will never be the same again. Global digitalization, growing popularity of various payment methods, development of metauniverses, exchange, purchase, sale of NFT tokens – technologies have become an integral part of our lives. And in the future, their role, weight and importance will only grow.

Cryptocurrency should be accessible to everyone

The global mission of the WhiteBIT company is the mass distribution of blockchain technologies in the world. We want as many people as possible not only to have access to cryptocurrencies, but also to actively use them. This requires appropriate conditions and opportunities. The key here is the simplicity, convenience, wide functionality and security of the services that the user receives.

Today, WhiteBIT is not just a cryptocurrency exchange – it is a whole ecosystem that includes:

  • decentralized exchange WhiteSwap is an automated market maker (AMM) of a decentralized bank (DEX) that works on the Ethereum blockchain;
  • Whitepay crypto payment processing system;
  • Bitcoin Global P2P cryptocurrency exchange platform — a place where users can exchange cryptocurrencies without verification and fees for replenishment and withdrawal;
  • “Gagarin Show” — the world’s first entertainment and educational YouTube show about cryptocurrencies;
  • Gagarin News is an online crypto news resource for readers from all over the world.
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We always want to develop and improve. It’s like training for an athlete – constant “upgrade of skills” gives new quality, new achievements and new opportunities. WhiteBIT is a permanent search for new opportunities and new quality. This is our philosophy.

The user path to cryptocurrency: how to shorten it?

That is why we recently started cooperation with Checkout, the cloud payment platform. In practice, this means an opportunity for our users to directly top up their crypto wallets with EUR currency. This option is provided by less than 19% of cryptocurrency exchanges and I am glad that WhiteBIT is among them.

The collaboration of WhiteBIT and Checkout can be called the next stage of the integration of cryptocurrencies in Europe, which creates opportunities for the development of blockchain technologies on the continent.

Why? Everything is quite simple. EUR is the official currency of 19 Eurozone countries and is also the national currency of 4 more states and 8 special EU territories. In addition, the EUR is used in Montenegro and Kosovo. That is, EUR is the only currency for more than 340 million Europeans. Support for exchange direct entry of euros on the cryptowallet is additional comfort for those users for whom EUR is the main currency of their bank cards. In other words, the expansion of various trading pairs enables Europeans to buy or sell virtual assets using their usual national currency, without the need for additional conversion of EUR, for example, USDT.

Such an option will definitely contribute to the spread of cryptocurrency in Europe and the growth of the crypto-currency community. For example, there is a person who would like to try trading crypto, but could not dare. The lack of understanding of the procedures, the need for additional conversion steps were “distracting” factors. Now they are gone. Everything is as simple and convenient as possible. Such a person will have a greater desire to plunge into the world of blockchain technology. I’m sure the person will like it 🙂

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User accessibility to cryptocurrency directly depends on the “flexibility” of exchanges. The more currencies the exchange supports (both fiat and cryptocurrency), the fewer barriers there are for customers. It is simpler and easier for them to satisfy their needs and requests. If a person is used to using, for example, EUR, he/she immediately wants to buy cryptocurrency for it, like any product in a store. The situation is the same with other fiat currencies. The variety of trading pairs on a particular exchange shortens the user’s path to Bitcoin or another asset. Today, WhiteBIT makes this path minimal.

Increasing the access of Europeans to crypto-currency by creating direct trading pairs with EUR can have a positive effect on solving a key problem of the crypto industry in Europe. Absence of a single regulator. In different EU countries, there are different rules, requirements, conditions of the cryptocurrency market. And this is precisely what is slowing down not only the development of the industry as such, but also the European Union as a whole.