- ANC Pharmacy, a Ukrainian pharmacy chain, has partnered with Binance to enable cryptocurrency payments.
- This function will be gradually extended to more than 1000 sales points of the network, starting from Kyiv.
Binance, the world’s largest cryptocurrency exchange by market capitalization, has announced a partnership with ANC Pharmacy, one of Ukraine’s largest pharmacy chains.
In an official statement, ANC Pharmacy said the partnership makes it the first pharmacy to accept crypto payments in Europe. The partnership will allow ANC customers to pay in crypto using Binance’s Binance Pay service. In the statement it was said in Ukrainian.
From January 3, you will be able to take advantage of instant payments when you buy products at the pharmacy. Finally, it will be possible to pay for orders in ANC.UA in cryptocurrency. We not only have the status of the most innovative pharmacy network, which is constantly moving in the direction of digitalization.
ANC plans to initially introduce the payment option at its point of sale in Kyiv, the capital of Ukraine. The option will be gradually extended to more than 1000 sales points of the network in the country. ANC Pharmacy-operated pharmacies such as Kopiyka and Shara will also integrate this feature in the coming days.
To use the cryptocurrency payment option, ANC customers must have a Binance account. They can then choose Binance Pay to complete payments for their orders on the pharmacy website and proceed to pick up their order at a convenient point of sale.
This partnership is not Binance’s first step 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, enables war-displaced Ukrainians to pay or receive payments in cryptocurrency. It also allows them to shop in European Economic Area (EEA) countries that accept card payments.
In a November report, Binance revealed that the product has helped 15,000 Ukrainian refugees and internally displaced people. Meanwhile, the Ukrainian government was forced to suspend the planned integration of Binance’s cryptocurrency payment service into its official app in November due to backlash.
Binance’s Ukrainian expansion is a positive for Bitcoin.
Binance’s promotions in Ukraine are long-term strategies for the entire cryptocurrency market. In particular, it has the potential to drive further adoption of Bitcoin (BTC), the pioneering cryptocurrency that is primarily considered a store of value (SOV) digital asset.
Bitcoin is very useful for people living in countries with economic crisis. This is due to its inflation hedge feature with a limited supply of 21 million coins.
In the case of Ukraine, the government already recognizes these advantages. In March 2022, President Vladimir Zelensky signed a law officially legalizing cryptocurrencies in the embattled country.