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Return! Ukraine Is Back In The Crypto Market

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Binance has partnered with one of the largest pharmaceutical companies in Ukraine, ANC, to enable digital payments for drugs amid the ongoing war.

Citizens of Ukraine will be enabled to purchase goods in ANC through Binance Pay contactless cryptocurrency payment service. “Starting January 3, you will be able to enjoy instant payment when you buy medicine,” the company wrote in a statement.

ANC has more than 1,000 stores across the country, in cities such as Dnipro, Zaporizhzhia, Kyiv, Kremenchuk, Kryvyi Rih, Lviv, Mykolaiv, Odessa, Poltava, Kharkiv and Cherkasy. However, the Binance Pay service will only be available to residents of the capital Kyiv, the company said.

Binance Involvement in Ukraine

It would not be the first time a major central revolution has moved into the country since Russia’s invasion in February last year. The centralized exchange recently partnered with the Ukrainian supermarket chain VARUS to launch cryptocurrency payments in nine cities across the country.

It also launched a cryptocurrency card for Ukrainian refugees in early April. The cards are intended to enable displaced citizens to send and receive cryptocurrency, as well as “purchase items at merchants in the EEA that accept card payments,” Binance said.

All citizens of Ukraine living in the European Economic Area with valid passports and Binance accounts are eligible for the program, and refugees of local non-profit organizations receive 75 BUSD per month for up to three months.

Using Cryptocurrencies for Help

Ukraine has become a crypto-friendly country, supporting the status of crypto-assets in March 2022.

In a previous interview with Blockworks, Denelle Dixon, CEO of the Stellar Development Foundation, said that the organization was working with the Ukrainian government before the attack and said that the country is very crypto-savvy compared to the people again.

The Ukrainian government also made a public request for cryptocurrency donations on the government’s official social media account and received assets worth $54 million in the form of bitcoin, ether, USDT, Solana, and polkadot, to name a few.

These funds are invested largely in military equipment, including weapons, health and transport, tweeted Mykhailo Fedorov, the Deputy Prime Minister and Minister of Digital Transformation of Ukraine. Ukraine’s rapid adoption of cryptocurrency is already mentioned by Ethereum co-inventor Vitalik Buterin, who said in September 2022 at the Kyiv Tech Summit in Ukraine that “Ukraine can become another Web3 hub”.

“A country can become a Web3 repository if its citizens are interested in this technology and decide to invest heavily in its development. Ukraine has both the ability and determination to do this,” Buterin said.

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