The Korean IT giant, Samsung, is accepting payments in cryptocurrency thanks to a strategic partnership with the CopPay platform.
In a first stage, the platform implementation will benefit users from 3 Baltic countries. The announcement was made by the Lithuanian-based company on July 20.
The stores that will accept cryptocurrencies are those located in Tallinn (Estonia), Riga (Latvia), Vilnius (Lithuania), and Kaunas (Lithuania). The expected results have not yet been released, but it is clear that with a broader range of possibilities, sales will increase.
According to information provided by CopPay, the South Korean multinational conglomerate will accept Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Dash, NEM, and Steem. A wide variety of tokens showing that Samsung believes in the benefits that mass adoption of cryptocurrencies might bring in the future.
In Tallinn and Riga, there is only one Samsung store, while in Vilnius there are 3 stores, all with the capacity to process crypto payments. In addition to these cities, CopPay also has a network of merchants using its platform in Portugal.
Samsung and CopPay: A Partnership With Potential
It is important to note that Samsung will not only implement the option of accepting cryptocurrencies in physical stores. There are plans in the short term that online stores will also receive cryptos, according to information revealed by the company.
To date, there has been no tentative deadline for initiating such changes in the Asian giant’s platform.
The CopPay team commented that Samsung is not the only company getting on the crypto train, other businesses in various Magnitudes have also adopted cryptocurrencies as an effective means of processing financial transactions:
“There is a growing trend toward business digitalization and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants,”
Samsung has been involved in the development of blockchain technologies and has even been a significant player in the world of crypto money. Earlier this year, the company revealed that it was planning to enter the ASICS market by manufacturing its own crypto mechanical chips, a decision that resulted in significant growth during the first quarter of 2018.
Similarly, according to Bloomberg , Samsung is also working on the development of a blockchain-based system to track global shipments.