Crypto

H&M Distributors Now Accept Bitcoin

The mass adoption of Bitcoin is something that all of us in the crypto industry are eagerly awaiting. And in this slow but steady process of mainstream adoption, Bitcoin will now be accepted by the American H&M Distributors.

This isn’t to be mistaken with the Swedish clothing-retail firm Hennes & Mauritz AB. H&M Distributors instead deals in with lamp holders, replacement ballasts, and cost-effective lighting solutions.

This might not seem as big in comparison with the Swedish H&M but this is still another step forward for the adoption of Bitcoin.

H&M distributors will use the cryptocurrency e-commerce platform Champion to facilitate purchases with the leading cryptocurrency. Although it’s worth highlighting that Bitcoin isn’t the only cryptocurrency that the company is accepting. Litecoin, Bitcoin Cash, Ethereum, Dash, Bitcoin Diamond are just a few of the other digital assets that the firm accepts.

As Bitcoinist point out though, it is unlikely that anyone will be buying their lamp holders with Bitcoin Diamond.

The decision to go forward and accept the leading cryptocurrency came after the firm saw the potential that Bitcoin has to break down financial barriers and allow them to sell their products on a global scale.

The founder and CEO of H&M Distributors Herb Needham said 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. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”

In addition to this, the press release states that the acceptance of cryptocurrencies enables to firm to “pass on even more savings to [its] customers [by way of] drastically reduced transaction fees […] and freedom from chargebacks.”

In terms of price, the leading cryptocurrency seems to have had a good streak going on over the weekend but it is currently in the red. Bitcoin is currently priced at $3,650 following a 0.08 percent decrease over the past 24 hours. The market cap for Bitcoin is $63,999,199,556 at the current time of writing.

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