Another step forward the adoption of the leading cryptocurrency Bitcoin is made today. The American H&M distributors are now accepting Bitcoin, the leading cryptocurrency.
Not to be mistaken with the Hennes & Maurtiz AB, the Swedish multinational clothing-retail company, H&M Distributors instead deals in cost-effective lighting, specifically, replacement ballasts, lamp holders, and accessories for lamp holders.
Clearly, this not considered as the same company, with the same glory. However, this new acceptance of Bitcoin marks a slow, but steady, step to have a mass adoption that everyone is eager for it.
H&M Distributors will use the cryptocurrency e-commerce platform Chimpion to facilitate purchases with the market-leading cryptocurrency. In addition to Bitcoin, the company will be accepting other digital assets, including Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Bitcoin Diamond (BCD).
This recent decision, made by H&M, to use the leading cryptocurrency came after seeing the potential of Bitcoin in breaking down financial barriers and its importance in scaling globally.
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 “pass on even more savings to [its] customers [by way of] drastically reduced transaction fees […] and freedom from chargebacks.”