Russia takes lead in retail crypto with an online buy sell portal

russian retail store deals in crypto

Crypto market has expanded to Russia and is now being used there to buy and sell services in cryptocurrency. The website is called ‘Mentalmarket.’ The website offers almost everything ranging from cryptocurrency mining machines to properties in different countries. Even cars like Audi are on sale, and an Audi model A3 is for about 230 ETH.

The marketplace is slowly increasing its popularity among crypto enthusiasts in Russia. Since the platform deals in crypto, it supports a wide range of currencies like Bitcoin (BTC), Ethereum (ETC), XRP. Litecoin (LTC), Zcash (ZEC) and dash. Prices are also visible in dollars so that customers can make better decisions.

The limited use of cryptocurrencies in regular life is what has given rise to the stigma around it. With more everyday use people can be familiarized with the system and the against technology will be resolved. With more widespread awareness the recent downhill trend in crypto space can also be helped.

As of now a there no option to rate the dealer, so it is not really easy to fish out scammers, but Mentalmarket is working on introducing that for customer convenience. This will also help to develop trust between the buyer and seller when the buyers are more comfortable with knowing the quality they will get, and there is less risk of frauds and scams.

Mentalmarket is a user-friendly platform. It shows advertisements from residents of Russia and other countries in the CIS. To log in the customer needs to have a telegram account. An authorization code will guide them into the website.

The platform is free to use for both the seller and the customer. Both parties can negotiate on site and are not required to alternate cryptocurrency into paper money. A new feature is under development and will serve to make dealing more secure. By this feature, the seller and customer will not need to negotiate or meet and will have supplementary advantages.

The platform strictly controls the products being sold to prevent any type of trading of illegal items in the country where it is being used. These boycotted products include drugs, alcohols, tobacco and metals, and personal, controversial information.

Cryptocurrencies are not yet used widely in Russia, and this market is the first step to popularize its use in the country.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse