Alternative to Cards: FAVBET’s Platforms Ready for Cryptocurrency Payments

Ukraine’s leading Entertainment provider FAVBET says it’s all set to roll out cryptocurrency capabilities across all of its platforms giving users an ability to create cryptocurrency wallets and top up their accounts with the 7 most popular virtual coins.

According to the company, the new payment instruments will appear on its platforms as soon as the changes to the Tax Code of Ukraine come into force and the legal framework regulating the taxation and processing of virtual assets is approved. FAVBET has already carried out all the technological preparations on its side and is now waiting for the approval of relevant regulations by the state.

“We’ve started testing the new payment options immediately after the legalization of cryptocurrency in March this year. There’s been a lot of interest surrounding the topic, so we're excited to soon be expanding the functionality to all of our platforms. The updated legislation will put Ukraine on par with the most progressive countries in the world, and we’re pleased that FAVBET has always been and still remains among the drivers of these positive changes,” FAVBET said in a statement.

According to the 2021 Global Cryptocurrency Adoption Index, Ukraine ranks among the top five countries in cryptocurrency trade volumes, while 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 instance, the Aid for Ukraine initiative by the Ministry of Digital Transformation of Ukraine reported that it had received about $54 million of donations in virtual assets in July 2022 alone.

FAVBET’s users will be able to top up their accounts using 7 popular types of cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Tether USD (Erc20), Tether USD (Trc20), and TRON. The company states that it remains open to cooperation with the leading companies in the industry, and expects the number of available options to increase over time.

Making crypto payments will be as easy as paying with an ordinary card: users will only need to create a cryptocurrency wallet in their account and choose the coin.

FAVBET Group is one of the largest Entertainment Tech solutions providers in Ukraine and a strong tech market player. This year, FAVBET Tech became part of the IT Association. Together with other members of the Association, the company takes part in the activities of the Ukrainian “Cyber Army '', inflicting devastating blows on the enemy’s IT infrastructure.