Samsung To Accept Cryptocurrencies From Consumers From Baltic States For Purchasing Its Products

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The electronics giant from South Korea, Samsung will now accept cryptocurrencies from the consumers purchasing its products. The announcement was made by a multicurrency payment exchange for consumers, businesses, and community groups, CopPay, recently. The platform will enable digital currency transactions for Samsung.

Digitalization of business is on the rise

The consumer product giant will accept virtual currencies as payment for its products including appliances, Smartphone, tablets, and laptops in Riga (Latvia), Tallinn (Estonia), Kaunas (Lithuania), and the Vilnius Baltic States. Buyers in these areas can use digital currencies such as Ethereum (ETH), Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Steem (STEEM), Dash (DASH), and New. According to CopPay, lately, the trend for digitalizing the business and allowing consumers to purchase goods and services in virtual currency is on the rise, irrespective of whether it is a store of a global retailer or a local restaurant.

According to the multicurrency platform established in 2017, “Our goal is millions of CopPay virtual terminals installed and functioning around the world. CopPay makes it simple for merchants and service providers to become a part of growing cryptocurrency economy and attract new clients.” The company has already developed a global infrastructure that allows the consumers to use digital currency for making payments. As per the report, initially, 3 shops of Samsung in Vilnius, the capital of Lithuania and one shop each in Tallinn and Riga will start accepting payments through crypto coins.

Samsung to begin accepting digital currencies for online stores

Recently, Samsung stated that it will soon start accepting virtual currencies for purchases made through its online stores. Cryptocurrency has now become an important part of the business of the company, which is why the electronics consumer product giant decided to produce crypto mining chips for boosting its earnings.

The announcement was made by Samsung during its annual earnings report published in January. In April this year, the firm stated that its year-on-year growth of 58% in the first quarter was driven by the high demand for crypto mining chips. The South Korean company is also analyzing the potential of blockchain technology and is planning to use it for monitoring and managing the global supply line of Samsung.

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