Hennes & Mauritz (H&M), the leading Swedish brand for clothing and retail, has made it to the headlines for entering into the cryptocurrency space, with many of the brand’s distributors starting to accept cryptocurrency as payments globally.
Citing reliable sources, H&M will deploy Chimpion, the cryptocurrency e-commerce platform, in order to accept the cryptocurrency payments. The platform is most likely to accept the payments in Litecoin (LTC), Ethereum (ETH), Bitcoin Diamond (BCD), Bitcoin Cash (BCH) and Dash (DASH). The H&M distributors, for the record, specifically deal in the category of cost-effective lighting such as lamp holders, accessories for lamp holders and replacement ballasts, sources added.
Reportedly, the latest move by H&M comes in the wake of problems that most traders and merchants have been facing with respect to the acceptance of international payments. This particular issue, in turn, has affected their business a great deal as the company has already lost many international customers.
Herb Needham, H&M’s lighting distributor Chief Executive Officer and founder, was recently quoted saying that the company considers itself to be an expert in specialty lighting, with an experience of over twenty years in the business.
Needham further revealed that by accepting cryptocurrency payments, the company is able to share the expertise it holds with a greater number of clients, by eliminating several barriers it faced in international sales. The settlement system enables the company to convert the crypto payments into USD equivalent instantaneously, he added.
If industry experts are to be believed, the involvement of cryptocurrency in financial matters indicates a great achievement for the virtual currencies, that might gradually lead to mainstream cryptocurrency and blockchain technology adoption.
Apparently, cryptocurrency has emerged as a trustworthy, more convenient and faster substitute to the long-established fiat currency for cross border transactions. Herb Needham confirmed that the latest decision was taken to facilitate cross border payments.