Hennes & Mauritz, better known as H&M, a famous retail brand enters the cryptocurrency space. According to a recent press release, some of the brand’s distributors will start accepting cryptocurrency as payments.
The said H&M distributors particularly deal in cost-effective lighting, including replacement ballasts, lamp holders, and accessories for lamp holders. The cryptocurrency e-commerce platform,Chimpion will be employed to accept cryptocurrency payments. Reportedly the platform will accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
Traders and merchants often face an issue with accepting international payments. Which in turn affects their business as many international customers are lost. Over the years, cryptocurrency has emerged as a feasible, trustworthy and faster alternative to the traditional fiat currency for cross border transactions.
The decision was to ensure the ease of cross border payment. H&M’s lightning distributor founder and CEO Herb Needham stated in a press release:
After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. Further, what sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.
The inclusion of cryptocurrency in financial matters marks a great feat for the virtual currencies. It will these small steps that might lead to the mainstream adoption of cryptocurrency and its underlying blockchain technology.