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Ukrainian Supermarket Chain Varus to Accept Crypto after Striking Binance Deal

Binance has Teamed up with a Ukrainian Supermarket chain
Binance has Teamed up with a Ukrainian Supermarket chain

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VARUS, one of the leading grocery retail stores in Ukraine, has entered into a partnership deal with the Binance exchange. Cryptocurrency holders in Ukraine will now be able to use their owned crypto assets during checkouts at these retail stores.

Ukraine supermarket chain partners with Binance

Cryptocurrencies have been finding great use cases in the actual world, with one of these use cases being their use as a means of payment. Varus, one of the largest supermarket chains in Ukraine, has announced a partnership deal with Binance to support crypto payments.

According to a local publication, the partnership between Binance and Varus will allow the two companies to expand their capabilities. Binance will benefit from the deal by expanding the exchange’s target customers. On the other hand, Varus will invest in crypto assets and expand its revenue base.

Crypto investors that want to take advantage of this partnership deal will have to follow a few steps starting with downloading the Binance application and completing the registration process. Users will then have to buy Bitcoin and other supported cryptocurrencies, after which they can use the Binance Pay system to settle payments at the Varus cash register.

Varus is a pioneer in the Ukraine market by integrating cryptocurrencies within the retail system. In the US, a leading retail store, Walmart, has yet to integrate support for cryptocurrencies. However, fast food giants such as Chipotle have already embraced a wide range of cryptocurrency offerings.

The acceptance of cryptocurrencies as a means of payment comes on the backdrop of a growing number of cryptocurrency users globally. Bitcoin, the world’s largest cryptocurrency, has found the most adoption as a means of payment.

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Crypto usage in Ukraine

Earlier this year, the Russian invasion of Ukraine formed a new use case for cryptocurrency assets. The Ukrainian government has received millions of dollars worth of cryptocurrency donations from the crypto community, which are going towards war efforts.

Two days after the Ukraine invasion started, the government provided the official wallet addresses of Bitcoin, Ethereum, and Tether that would be used to deposit the donated crypto assets. The Ukrainian government now accepts donations in 14 different cryptocurrencies.

The Ukrainian government has raised $100 million from these donations so far. Moreover, government organizations are not the only ones benefiting from crypto donations. Non-government organizations are also raising funds through cryptocurrencies.

Ukraine is not just focused on cryptocurrencies. UkraineDAO, a decentralized autonomous organization, has also auctioned a non-fungible token (NFT) of a Ukrainian flag. The NFT was auctioned for $6.5 million worth of Ether, ranking it as the tenth-most valuable NFT. The proceeds of the sale went towards humanitarian efforts.

Ukraine was already crypto-friendly before the war. In 2021, Ukraine was ranked as the fourth country in the world regarding crypto adoption, according to a report by Chainalysis. Since the invasion, the country has sought to boost its crypto infrastructure, and in March this year, the country’s president, Volodymyr Zelensky, signed several new crypto regulations.

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