H&M Distributors Accept Cryptocurrency

Amrit Mirchandani

February 11, 2019

Hennes & Mauritz also known as H&M Distributors, a wholesale company which focuses on building inventory on the needs of the customers has started accepting cryptocurrencies. This move brings forth a significant adoption in terms of companies taking an interest in digital payments given H&M Distributor’s notability in the whole American market.

The American based company launched in 1997, as distributors of shatter resistant fluorescent light bulbs. It currently is in the market of lamp holders, lamp holder accessories and replacement ballasts.

H&M Distributors currently accept major cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Diamond (BCD), Dash (DASH), Ethereum (ETH), Litecoin (LTC) and Zcoin (XYC). It has partnered up with Chimpion, for cryptocurrency payment processing. Chimpion is a cryptocurrency e-commerce platform that allows merchants to accept cryptocurrency payments for their online business.

Benefits of Cryptocurrency Payments to H&M Distributors

The CEO of H&M Distributors, Herb Needham, explained the need for cryptocurrency for expanding into international markets. He said, “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 expanding their customer base, transaction fees will be reduced thus being a win-win for both the company’s profitability and the cost factor for customers.

Cryptocurrency Slowly But Surely Gaining Mainstream Adoption

Recently Argentina’s public transport system activated the recharging of SUBE travelcards with Bitcoin. Hence with public transport in the South American country accepting Bitcoin, it can lead to widespread mainstream adoption.

Countries and businesses around the world are starting to understand the benefits of cryptocurrencies, and so 2019 is marked as the year of adoption.

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