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In a move that will likely make cryptocurrencies more staple to the economy, Binance has teamed up with a Ukrainian Supermarket chain to accept crypto payments.
The partnership was announced on Friday as Binance took to Twitter to declare that it has partnered with VARUS, a Ukrainian Supermarket Chain. This partnership will allow the customers to buy groceries through crypto using the Binance Pay wallet.
#Binance partners with one of Ukraine’s top food chain retailers, VARUS, to let the community enjoy seamless crypto payments with fast delivery across the country.
VARUS is the first supermarket in Europe to accept #Binance Pay 🤝 pic.twitter.com/75Q7YbnKTj
— Binance (@binance) September 16, 2022
Varus is one of the Biggest Companies in Ukraine
Ukraine citizens are likely excited about this new development since Varus is a household name in the region. It is one of the biggest store chains in the Country, with over 111 active stores. The latest partnership will allow customers to access instant crypto payments in nine cities, including, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, Pavlograd, Kyiv, Dnipro, Kamianske, and Kryvyi Rih.
And the store is doing everything in its power to ensure this new experiment is valuable. It has introduced a “reward fund promotion’. Here, customers who order anything from this program worth more than 5000 Ukrainian Hryvnia using Binance Pay will have 100 UAH cashback.
Binance Pay is not the first Crypto Payments Facility Provider in the Country
Ukraine is a very tech-forward nation. In 2022, Ukraine took steps to position itself as the world’s first crypto superpower. It legalized all the virtual financial assets programs and started regulating them, likely becoming the first Country to do so.
However, five months into the program saw Ukraine going against its neighbor – Russia. The Russia-Ukraine conflict halted this progres – but it didn’t undo it. That said, a month ago, Whitepay, a Ukrainian POS and a crypto payments company, started a new program that allowed Ukrainian citizens to buy electronics and other goods using crypto.
Vitalik Buterin, the founder of Ethereum, stated at the Kyiv Tech Summit of 2022 that “Ukraine could well become the next web3 hub.”
More Stores Across the World are Becoming More Receptive Towards Crypto Payments
After the major 2021 bull rush and the arrival of NFTs, many retail stores across the globe changed their tune about crypto — and started to look at cryptocurrencies as a good way to accept payments. According to Deloitte’s report, nearly 75% of retailers worldwide are planning to accept crypto payments within the next two years.
The poll comes after Deloitte surveyed 2000 executives from retail industries, including electronics, fashion, transportation, and good and beverage.
The report stated that 50% of these retailers plan to include third-party payment options to allow for crypto payments. The third-party payment options would enable these retailers to convert crypto into fiat. It indicates that half of the surveyed retailers don’t show any inclination towards owning crypto.
This might be a good strategy, considering the volatility of the cryptocurrencies doesn’t necessarily make them viable for day-to-day transactions. That means that holding crypto is not what many crypto retailers desire at the moment. Furthermore, there are other barriers to consider.
Complex
Retailers find the crypto market too complex. Although publications and companies are trying to make crypto simple to understand, many retailers are not sure about what it all means. The rise of HODlers – those who hold crypto – is the reason why many retailers have just now started to understand coins and tokens.
Security
People are worried about crypto because of security issues. Although the regulatory landscape is changing, rules haven’t been thoroughly fine-tuned yet about cryptos. Furthermore, recent hacks and the 2022 bear market have proven detrimental to crypto’s growth.
The Future is Bright for Crypto
Despite the barriers and worries, Ukraine’s latest development makes it seem that the days of crypto becoming an economic staple are coming. Yes, there are still many regulatory issues that must be dealt with, and yes, the recent bear market has really hit crypto’s reputation negatively. However, there is still hope.
Stay tuned with Insidebitcoins with more progressive stories like these.
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