Ukraine’s Largest Pharmacy Chain Partners with Binance to Enable Crypto Payments

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ANC Pharmacy, a Ukrainian pharmacy chain, partners with Binance to enable crypto payments. The feature will first be rolled out gradually to the chain’s more than 1,000 outlets starting in Kyiv.

Binance, the world’s largest cryptocurrency exchange by market capitalization, has announced a partnership with one of Ukraine’s largest drugstore 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 allow ANC customers to pay with crypto using Binance’s Binance Pay service. The statement originally in Ukrainian read:

Starting January 3, you will need to take advantage of instant payments when purchasing pharmacy products. After all, on ANC.UA it will be possible to pay for orders 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 roll out the payment option at its outlet in Kyiv, the Ukrainian capital. The option will be gradually rolled out to more than 1,000 other chain outlets across the country. Pharmacies operated by ANC Pharmacy like Kopiyka and Shara will also integrate the feature over the next few days.

To use the crypto payment option, ANC clients must have a Binance account. They can then select Binance Pay to make payments for the orders they make on the pharmacy website and proceed with picking up their order at a convenient point of sale.

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.

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The product created in partnership with Contis enables war-displaced Ukrainians to make or receive crypto payments. It also allows them to make purchases from 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 people. Meanwhile, the Ukrainian government had to suspend a planned integration of Binance’s crypto payment service into its official app in November following a backlash.

Binance’s Ukrainian expansion is bullish for Bitcoin.

The progress made by Binance in Ukraine are long-term strategies for the entire crypto market. In particular, it has the potential to drive the adoption of Bitcoin (BTC), the pioneering cryptocurrency that is widely regarded as a digital store of value (SOV) asset.

It has been noted that Bitcoin has a strong use case for people in countries facing economic crises. This is due to its function as an inflation hedge of a limited supply of 21 million coins.

In the case of Ukraine, the government already recognizes these benefits. President Volodymyr Zelenskyy signed into law a law officially legalizing cryptocurrencies in the beleaguered country in March 2022.

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