For the reason that Russian invasion of Ukraine in February 2022, Ukraine has ranked among the many high nations utilizing cryptocurrency. In keeping with the September 2024 International Adoption Report by Chainanlysis, Ukraine is No. 6 in crypto adoption.
The battle has brought on vital financial instability in Ukraine, together with a weakened Hryvnia, Ukraine’s nationwide fiat forex, and banking disruptions in lots of areas, which have restricted entry to conventional monetary providers. To restrict the exodus of wealth from the nation, the Ukraine authorities put restrictions on cross-border cash transfers and overseas fiat forex withdrawals.
The Ukrainian authorities did embrace cryptocurrency on a regulatory degree. From the beginning of the battle, cryptocurrency grew to become a significant channel for well timed worldwide donations to NGOs and the Ukrainian authorities. In keeping with United24, the official fundraising platform for Ukraine, cryptocurrency donations have totaled $923,514,470 from the worldwide group.
With limits on sending cash overseas and the rising reputation of cryptocurrency, the beta launch of HitBit Professional, a Ukraine-based fintech platform that provides Telegram integration and a fiat-like expertise, has been a pure extension.
“We launched HitBit Professional on the finish of November 2024. We did a small marketing campaign in Ukraine, however folks around the globe can apply, proceed with KYC, and use our service. At this level, we’ve lots of Ukrainians who stay in Europe, Turkey, Asia (like Bali), and all around the world. With their person expertise and suggestions, we will discover out what to enhance usually, however we do the identical with suggestions from Germans and Poles,” Igor Kucherenko, co-founder of HitBit Professional stated in an interview with Benzinga.
In keeping with Kucherenko, the corporate has 10,000 customers within the testing stage and has improved the client expertise based mostly on buyer suggestions.
“We obtained lots of precious suggestions, mounted every part, and we’re nonetheless within the strategy of upgrading a few issues. In mid-January, we’re planning to have an enormous advertising and marketing marketing campaign in Ukraine with Ukrainian retailers. For Europe, it would most likely be three to 4 months from now as a result of it is a extra difficult course of. It’s a must to take it to every nation as a separate case.”
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HitBit Professional has helped Ukrainians make worldwide cash transfers and is attempting to supply an expertise just like fiat and Web2 cash switch providers.
“For Ukrainians, it is a fantastic answer to the challenges brought on by the restrictions imposed by the Nationwide Financial institution of Ukraine on worldwide transactions. The boundaries are very low, which makes it onerous for households dwelling overseas to switch cash from Ukraine. With HitBit Professional, you need to use SEPA to wire cash, pay lease, college charges, and even medical doctors, with out relying solely on playing cards,” Kucherenko stated.
HitBit Professional permits a one-time fee restrict of 10,000 euros and a each day transaction restrict of fifty,000 euros. It additionally presents bodily playing cards and commonplace ATM and native financial institution charges apply.
The aim of HitBit Professional is to supply a seamless service for transfers and funds that bridges the hole between cryptocurrency and conventional finance (TradFi) customers. To do this, the corporate should overcome the notion of cryptocurrency as innately speculative.
“As a substitute of utilizing conventional fiat playing cards with numerous restrictions, rules and compliance, customers can use our platform. For most individuals, once they hear crypto, they consider hypothesis, investments and volatility. HitBit Professional has nothing to do with that. It is like utilizing fiat, however you pay into your account with crypto as an alternative,” stated Kucherenko.
Kucherenko described the platform as a standard nano-bank know-how that enables a Visa- or Mastercard-like expertise. The one distinction is on the backend the place funds are made utilizing cryptocurrency as an alternative of fiat.
“The thought is to construct a bridge for the 90% of people that have by no means skilled crypto, exhibiting them how it may be a part of their each day lives,” stated Kucherenko.
“Money has turn into virtually out of date now. Transactions are digital, whether or not it is conventional cash or crypto. There isn’t any actual distinction between fiat and crypto on the entrance finish for customers. Whenever you’re touring, as an example, in the event you’re utilizing a U.S. card in Bali, the system mechanically handles forex conversion. The identical applies to crypto. The system handles the conversion seamlessly you probably have USDT or some other cryptocurrency,” stated the HitBit Professional co-founder.
Kucherenko compares the HitBit Professional expertise to Apple Pay, Google Pay or different fashionable web-based fee strategies. Customers need not perceive blockchain, mining or any technical particulars. He stated it is the identical as utilizing Visa or Mastercard. Solely the backend is cryptocurrency, and there is not any want for classy procedures to arrange or preserve an account or pockets.
“Individuals want to grasp that crypto is not a pilot challenge. It is a actuality. The earlier they settle for it, the sooner they will turn into a part of this new world we already stay in. Crypto is a forex. Whether or not folks prefer it or not, it is a actuality, and it is turning into a sensible device for each day transactions,” stated. Kucherenko.
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