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Croatia’s food retail giant, Konzum, endorses crypto payments

Croatia announces plans to launch crypto payments
Croatia announces plans to launch crypto payments

Konzum, a giant retail store in Croatia, has announced that it will be accepting crypto payments. In the recent announcement, the retailer has stated that it has added nine cryptocurrencies as payments options.

The initial cryptocurrencies that will be accepted when making purchases at Konzum’s online store include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), USD Coin (USDC), Ripple (XRP), Stellar (XLM) Dai (DAI) and EOS (EOS).

Crypto payments to meet demand

Commenting on this development, Uros Kalinic, a Member of the Management Board at the retailer, stated that Konzum was watching the trends in the financial market and that cryptocurrencies were among these trends.

“As the largest retail chain in Croatia, which in its almost 65-year history is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future,” he stated.

The adoption of crypto payments by Konzum is major news because it is the leading supermarket chain in Croatia. Moreover, it is also present in two other countries and serves more than 650,000 daily in over 700 stores.

Konzum will partner with Electrocoin and the PayCek system to enable crypto payments. This is the first crypto payments processor in Croatia. Due to volatility, the system will allow buyers to make purchases at a fixed exchange rate.

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During the initial phase of this initiative, crypto payments will be limited to only online purchases. However, the retailer expects to expand the feature to retail purchases later.

Crypto climate in Croatia

Cryptocurrencies in Croatia are in a grey zone, given that regulators have not had much to say about the crypto space. Bitcoin and other cryptocurrencies are not illegal in the country, but they have also not been endorsed by the government.

Moreover, Konzum is not the first brand in Croatia to endorse crypto payments. In September, Greyp Bikes, an e-bike company in Croatia, announced accepting crypto payments for advanced cycling products. Among the cryptocurrencies that were endorsed for this initiative include Bitcoin and Ethereum.

Moreover, 40 Tifon gas stations also started accepting crypto payments in an initiative supported by PayCek.

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