Bistroo launches cryptocurrency payments after $8M funding round

Peer-to-peer, blockchain-based food ecosystem Bistroo has launched payments in Bitcoin (BTC/USD), Ethereum (ETH/USD), Binance Coin (BNB/USD), Litecoin (LTC/USD), and Bitcoin Cash (BCH/USD). Previously, the platform’s payment options included fiat currency and the platform’s native BIST token.

With this, Bistroo becomes the first food ordering service in the world to embrace blockchain tech and cryptocurrencies.

BIST holders can spend the token at any Coinpayments merchant

After raising over $8 million in May, Bistroo put a lot of effort into enabling BIST payments. Through a partnership with Coinpayments, BIST holders can spend their tokens at any of Coinpayments’ 100,000 merchants, who are active in more than 200 countries.

No commissions on crypto payments

At the moment, Bistroo is not charging commission on crypto payments to promote the adoption of cryptocurrencies. This allows buyers to get discounts on their order and increases merchants’ returns. If they use BIST to make payment, the discounts are even bigger.

Bas Roos, CEO and cofounder of Bistroo, commented:

Bistroo is on a mission to set ourselves up on the global stage with our unique business model. The future is moving towards a protocol economy where parties can directly interact with each other, and Bistroo is taking the first steps in that direction, offering a better value proposition for the food ordering platform market. Enabling our users to transact in crypto is an integral part of that journey.

Facilitating a connection with customers

Today’s food ordering services take over customer relationships, control all data and payouts, and impose high fees on food merchants. This practice results in higher end costs for restaurants and consumers. Bistroo’s peer-to-peer marketplace facilitates the connection with customers.

Since its launch in 2020, the platform has helped merchants process over $2.3 million in orders and reach over 25,000 customers.

Giving merchants full control

Merchants have full control over analytics, promotions, orders, payments, and menu configuration. They receive payment instantly when an order is made and can transact with customers directly. This helps further Bistroo’s ultimate goal to become a global leader for food stores and restaurants where PaaS e-commerce technology is concerned.

The post Bistroo launches cryptocurrency payments after $8M funding round appeared first on Invezz.

Publication date: 
10/28/2021 - 13:10
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