Cryptocurrency Gaining Momentum In Russian Marketplace With MentalMarket


Cryptocurrency is gaining momentum in Russia. This is evident from the new online marketplace enables users to acquire and sell goods and services that are priced in digital coins. Significantly, the emerging asset class is gaining more traction recently following the website publishing an increasing number of ads in several categories. This included real estate and crypto industry. The move assumed significance even as the overall market is struggling to find its rhythm.

Payments In Major Cryptos

The new platform, Mentalmarket, extended its support to payments in a number of digital currencies. This included bitcoin, bitcoin cash, litecoin, ether, Ripple’s XRP, zcash, and dash. For the convenience of customers, prices are also displayed in terms of the American currency. In Russia, the new e-commerce site is gaining traction among the emerging asset class enthusiasts through an increasing number of products and services. As a result, users could acquire nearly everything, be it bitcoin ATM devices or mining hardware or plots of land in Moscow besides a hotel in Sochi.

Aside from these, a Tashkent farmer could sell sheep in exchange for digital coin. The growing popularity of the cryptocurrency is also evident when an Audi dealer in the second biggest city, Saint Petersburg, posted several ads on the marketplace. The portal’s CFO, Kirill Skotnikov, declared that customers could acquire any model of Audi with the help of digital coins. An Audi A3 is priced approximately 230 ethereum while certain expensive models are sold for more than 35 bitcoin.

Familiar And Simple

Skotnikov believes that the current downtrend in the overall cryptocurrency market is mainly due to the restricted use case on a day-to-day basis. He is also convinced that the market is biased towards the underlying technology. The CFO said that its objective is to make digital coin as not only familiar in the daily use but also simple as using bank cards with the help of an extensive goods and services range. The marketplace is also keen on offering the infrastructure that will simplify the dealings with any virtual asset for wider usage.

The e-commerce site publishes ads from Russian Federation, as well as, other nations from the Commonwealth of Independent States (CIS). The online site is not levying any charges on either buyers or sellers when they engage themselves in interacting with each other on the platform. Significantly, there is no need for any users to exchange their digital coins for fiat money enabling to make payment. The startup is creating a feature currently that is known as ‘Secure Deals’ to provide intermediation services. This will enable parties to gain from additional guarantees without any need to meet or transact directly.