The famous trademark Hennes & Mauritz, or better known as H & M, announced through a press release that some of their distributors will now begin to accept crypto competition as payments.
These distributors will use the cryptocurrency e-commerce platform Chimpion to accept the cryptocurrency payments.
What type of distributors?
These special H&M distributors shop with cost-effective lighting that includes replacement ballasts, lamp holders and lamp holder accessories. From now on, the platform will accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
Traders and traders have often been exposed to the difficulties of not being able to accept international payments. This hurts their business as many international customers have turned away.
Cryptocurrency has proven to be the best alternative to traditional fiat currency and it is truly viable to use as a cross-border transaction payment. So this decision was primarily to ensure that someone can send a cross-border payment without any problems.
Cryptocurrencies really allow for a universal and global financial system that connects people across border payments.
H & M's Line Distributor Founder and CEO Herb Needham stated in a press release:
After more than 20 years in the industry, we regard ourselves as experts in special lighting. By accepting cryptocurrency payments, we can share the expertise with even more customers by eliminating many of the barriers that made it difficult to sell internationally. Further, what sold us was the settlement system, which allows us to immediately convert crypto payments into a USD equivalent.
This seems like a good step forward towards financial integration and should ensure the company enough praise from the cryptocurrency fraternity.
Please note that this is only the light department. This does not mean that H & M itself accepts cryptocurrency, but it can act as a good role model for future distributors, supply chain companies, factories and more to begin accepting crypto competition.