Independent Grocers of Australia, a nationwide grocery store chain, announced a partnership with cryptocurrency firm TravelByBit to simplify payments for cryptocurrency at more than 1,400 grocery stores.
The IGA is an Australian branch of the American International Association called the Independent Grocers Alliance.
Given the number of IGA stores and the huge population it reaches, this partnership for accepting payments for cryptocurrency for products should serve as a great incentive for cryptocurrency to reach the population in the Australian subcontinent.
Slow and steady in Australia
In 2017, many small and large retailers began accepting cryptocurrency payments, but quickly abandoned this practice, as the bear market took over in 2018. Now companies are reappearing wanting to integrate cryptocurrency payments into their system for smoother transactions.
TravelbyBit has had a huge impact on the cryptocurrency ecosystem in Australia. The company helped Brisbane Airport in Australia become the world’s first crypto-secure airport. Back in June 2018, he also created Australia’s first city of digital currency with a population of over 2,000 people.
The Australian company is now on the verge of launching another major cryptocurrency integration, as it will allow IGA customers to pay for their products in Bitcoins (BTC), Litecoin (LTC) and Binance coins (BNB). The flagship facility is expected to open in Bowen Hills in the next few weeks.
Crypto friendly continent
Australian regulators are closely monitoring the cryptocurrency market and trading activities in order to better regulate the market and make it safer and more compatible with Australian law. Their interest in this industry is part of their plan to become the center of blockchain and cryptocurrency innovations, which dates back to 2016, when the head of the Reserve Bank of Australia announced that in the future their own digital dollars might appear in the country.
These facts, combined together, make Australia one of the best testing grounds for making payments for cryptocurrency, to judge how well they are accepted by the population, but not related to the new digital economy.