Blockchain-Powered Food Marketplace, Bistroo, Adds More Crypto Payment Options
Bistroo, a blockchain-powered takeaway startup, has announced the addition of more crypto payment options, according to a press release on October 28th. This peer-to-peer food ecosystem will now allow merchants to accept payments in Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC) and Bitcoin Cash (BCH).
The additional payment options extend Bistroo’s footprint in the crypto ecosystem, given that the platform was already supporting payments through its native token BIST and fiat currencies. Bistroo is also the pioneer P2P food takeaway platform to embrace crypto payment options and blockchain infrastructure.
The project raised $8 million back in May 2021 and has been working on expanding its crypto payment options. As such, Bistroo is currently collaborating with crypto payments service provider Coinpayments, which allows customers globally to pay over 100,000 merchants through the BIST token.
With other major cryptocurrencies joining the list, Bistroo is optimistic about cementing crypto adoption in the food takeaway business. This decentralized platform only acts as a facilitator by creating an ecosystem where restaurants and customers can interact directly instead of going through an intermediary.
The firm’s Co-Founder and CEO Bas Roos commented on the latest milestone, with an emphasis on the paradigm shift from centralized marketplaces into protocol economies,
“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,” added Roos.
The announcement also notes that Bistroo will give merchants and customers who use crypto payments a grace period on commission fees. In doing so, Bistroo hopes to incentivize more adoption by restaurants and customers looking to shop or get reviews from food takeaway platforms.
Notably, Bistroo charges a significantly lower commission fee than its traditional competitors; while the former charges 5%, fees on third-party food ecosystems can go as high as 15%. Even better, Bistroo gives autonomy back to restaurant owners, enabling them to customize their menus, access liquidity and offer customer incentives through the BIST token.
So far, the platform has assisted restaurants in extending their services to about 25,000 customers while processing over $2.3 million in transactions, according to the live tracker on its website. Going into the future, Bistroo’s goal is to become the leading PaaS e-commerce technology, supporting food shops