A Dubai 5-Star Hotel And A Ukrainian Superstore Chain - The Latest To Adopt Crypto Payments

The latest in crypto adoption include a 5-star hotel in Dubai and a Ukrainian Superstore chain
Know the cryptos and the exchange that were adopted

Palazzo Versace now accepts payments in crypto

Dubai’s Ultra-Luxury hotel Palazzo Versace in an official press release dated September 5, 2022, informed the acceptance of payments for the hotel’s services, in select cryptocurrencies BNB, Bitcoin, and Ethereum. Binance was chosen to facilitate this new payment option.

Palazzo Versace’s official statements:

“The ultra-luxury property located in Jaddaf Waterfront has partnered with Binance, the world’s biggest cryptocurrency infrastructure provider, to offer the guests the possibility to settle payments in various cryptocurrencies such as BNB, Bitcoin, and Ethereum. These transactions will take place through the Binance gateway”

“Guests can now pay for room stays, restaurants, meetings, and events, all the guests will have the option to pay at the property using the Binance application.”

The release also said the hotel will be accepting crypto payments for items like gifts and merchandise on its eCommerce store.

Dubai established its virtual assets regulating authority (VARA) this March.

Ukrainian Superstore chain Varus accepts crypto payments

Varus is the first European supermarket to accept Binance Pay. Based in Dnipro, a city in central Ukraine, Varus operates 111 stores including stores in 9 cities in Ukraine. The store is using the Binance gateway to facilitate payments.

Now customers in 9 Ukrainian cities will be able to pay for groceries and other items using digital currencies. The cities include Kyiv, Dnipro, Vyshorod, Zaporizhzhia, Kryvyi Rih, Nikopol, Kamianske, Pavlograd, and Brovary.

Foxtrot, another Ukrainian retailer, specializing in electronic items, accepted payments in crypto this August using Binance to enable transactions. Recently, two other Ukrainian tech retailers Stylus and Techno Їzhak started accepting payments in crypto. Totally, these two retailers have over 100 stores in Europe

Another notable crypto development in the country defending against a Russian invasion is the sale of Non Fungible Tokens or NFTs to raise money for the Aid For Ukraine campaign. The government is using war-ravaged areas for art inspiration to create NFTs which are being sold. Over 1.2 million dollars have been collected already. NFTs can be traded using cryptocurrencies only. The war effort in Ukraine is being funded by cryptocurrencies by the government and private entities.

Europe and North America lead the world in crypto adoption while few countries on other continents are yet to establish similar infrastructure and laws to facilitate mass adoption of payments. Despite cases like SEC v Ripple Labs Inc. making the future of crypto unclear, the US has a remarkable infrastructure in place for crypto transactions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing