Bullish for Bitcoin: Biggest pharmacy chain in Ukraine partners with Binance to enable crypto payments
- ANC Pharmacy, a Ukrainian pharmacy chain, partners with Binance to enable crypto payments.
- The feature will first roll out gradually to the chain’s over 1000 outlets starting in Kyiv.
Binance, the world’s largest cryptocurrency exchange by market capitalization, has announced a partnership with one of Ukraine’s largest pharmacy chains, ANC Pharmacy.
In an official announcement, ANC Pharmacy noted that the partnership makes it the first pharmacy to accept crypto payments in Europe. The partnership will enable ANC’s customers to pay with crypto using Binance’s Binance Pay service. The statement Originally in Ukrainian read:
From January 3, you will have to enjoy instant payments when buying pharmacy products. After all, on ANC.UA it will be possible to pay for orders with cryptocurrency! We don’t just have the status of the most innovative network of pharmacies, which is constantly moving in the direction of digitalization!
ANC plans to initially roll out the payment option to its outlet in Ukraine’s capital Kyiv. The option will gradually roll out to the chain’s more than 1000 other outlets in the country. ANC Pharmacy-operated pharmacy stores like Kopiyka and Shara will also integrate the feature over the coming days.
To use the crypto payment option, ANC customers need to have a Binance account. They can then select Binance Pay to complete payments for orders they make on the pharmacy’s website and proceed to pick up their order at a convenient outlet.
The partnership is not the first move Binance has made to expand its presence in the Ukrainian market. In April, the blockchain infrastructure company launched its Binance Refugee Crypto Card.
The product created in partnership with Contis allows Ukrainians displaced by the war to make or receive crypto payments. It also allows them to complete purchases at retailers in European Economic Area (EEA) countries that accept card payments.
In a November report, Binance revealed that the product had helped 15,000 Ukrainian refugees and internally displaced persons. Meanwhile, the Ukrainian government had to pause a planned integration of Binance’s crypto payment service into its official app back in November following backlash.
Binance’s Ukrainian expansion bullish for Bitcoin.
The strides Binance is making in Ukraine are long-term strategies for the entire crypto market. In particular, it has the potential to drive more adoption of Bitcoin (BTC) — the pioneer cryptocurrency that is largely considered a digital store of value (SOV) asset.
Bitcoin has been noted to have a strong use case for people in countries facing economic crises. This is because of its inflation hedging feature of a limited supply of 21 million coins.
In the case of Ukraine, the government already recognizes these benefits. President Volodymyr Zelenskyy enacted a law officially making cryptocurrencies legal in the besieged country back in March 2022.
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