According to a press release issued on October 28th, Bistroo, a blockchain-powered takeaway startup, has announced the addition of more crypto payment options. Merchants in this peer-to-peer food ecosystem can now accept payments in Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), and Bitcoin Cash (BCH).
Bistroo’s presence in the crypto ecosystem is expanded by the addition of new payment options, as the platform already accepts payments via its native token BIST and fiat currencies. Bistroo is also the first peer-to-peer food delivery platform to accept cryptocurrency payments and use blockchain infrastructure.
The project raised $8 million in May 2021 and has been working to expand its crypto payment options ever since. As a result, Bistroo is currently collaborating with cryptocurrency payments service provider Coinpayments, allowing customers worldwide to pay over 100,000 merchants using the BIST token.
With the addition of other major cryptocurrencies to the list, Bistroo is optimistic about the future of cryptocurrency adoption in the food takeaway industry. This decentralized platform only serves as a facilitator by establishing an ecosystem in which restaurants and customers can interact directly without the need for an intermediary.
Bas Roos, the firm’s Co-Founder and CEO, commented on the latest milestone, emphasizing the paradigm shift from centralized marketplaces to protocol economies.
“With our unique business model, Bistroo is on a mission to establish itself on the global stage.” The future is moving toward a protocol economy in which parties can interact directly with one another, and Bistroo is taking the first steps in that direction by providing a better value proposition for the food ordering platform market.
“Enabling our users to transact in cryptocurrency is an essential part of that journey,” Roos added.
The announcement also mentions that Bistroo will waive commission fees for merchants and customers who accept cryptocurrency payments. Bistroo hopes that by doing so, it will encourage more adoption by restaurants and customers looking to shop or get reviews from food takeaway platforms.
Notably, Bistroo charges a lower commission fee than its traditional competitors; while the former charges 5%, fees on third-party food ecosystems can reach 15%. Even better, Bistroo restores restaurant owners’ autonomy by allowing them to customize their menus, access liquidity, and offer customer incentives via the BIST token.
According to the platform’s live tracker, the platform has helped restaurants extend their services to approximately 25,000 customers while processing over $2.3 million in transactions. Bistroo’s long-term goal is to become the leading PaaS e-commerce technology, assisting food retailers.