The picturesque French Riviera has embraced the world of cryptocurrency with open arms, thanks to a groundbreaking partnership between Binance Pay and French fintech firm Lyzi. This collaboration has seen over 80 merchants in popular cities like Cannes, Nice, Antibes, and Monaco now accepting stablecoins and cryptocurrency payments, making it one of the largest real-world deployments of crypto payments in a European luxury destination.
The diverse range of businesses participating in this initiative includes luxury hotels, beach clubs, opticians, gyms, and high-end retail stores. With support for more than 100 cryptocurrencies, including euro and dollar-pegged stablecoins, Binance Pay ensures that all transactions are settled instantly in euros for merchants, eliminating the risk of crypto market volatility and simplifying the checkout process for customers.
This move towards crypto adoption in the French Riviera has been met with enthusiasm from both local businesses and city officials. By embracing digital assets, the region is positioning itself as a pioneer in integrating cryptocurrencies into tourism and retail, showcasing a forward-thinking approach to innovation.
David Princay, CEO of Binance France, expressed his excitement about the collaboration, stating that the adoption of crypto payments in a prestigious destination like the French Riviera signifies the growing integration of digital assets into everyday life. This public-private partnership aims to make the region more attractive and innovative for global crypto users.
Some of the major establishments that have already started accepting crypto payments include the JW Marriott and Hotel Gray d’Albion in Cannes, Restaurant Le César in Antibes, Gina in Nice, and several luxury boutiques in Monaco. This initiative not only caters to high-net-worth individuals but also benefits small businesses by offering lower transaction fees, instant settlement, and enhanced security features.
Damien Patureaux, CEO of Lyzi, highlighted the overwhelming support from merchants, emphasizing their eagerness to lead the way in crypto payments acceptance in France. To encourage adoption and reward early users, Binance Pay has launched a promotional campaign where customers who spend at least €20 at participating locations will receive 5 EURI, a regulated, euro-backed stablecoin.
The expansion of crypto payments in the French Riviera is a testament to Europe’s regulatory clarity, driven by the Markets in Crypto-Assets (MiCA) regulation. This harmonized framework for crypto regulation across the European Economic Area (EEA) countries has attracted major global exchanges to secure licenses, promoting healthy competition and market stability.
Despite some concerns about increased surveillance and limitations on user freedom, industry leaders have welcomed MiCA for its potential to build trust and foster long-term growth. Binance, in particular, has continued to expand its global presence, offering customizable AI-powered app interfaces for its users and maintaining its position as a liquidity leader among centralized exchanges.
In conclusion, the partnership between Binance Pay and Lyzi has brought a new wave of innovation to the French Riviera, paving the way for broader crypto adoption in luxury destinations. With over 80 merchants now accepting stablecoins and cryptocurrency payments, the region is setting a new standard for integrating digital assets into everyday transactions.