According to the reports, residents of three Baltic States will now be able to buy Samsung products directly via cryptocurrencies. The launching was announced via a press release by the Lithuanian branch of Samsung on July 20.
Copay mentioned in the announcement that “By accepting cryptocurrency as a payment, Samsung is embracing their slogan to “Turn on Future”.
Samsung and Copay in a Partnership
Samsung is a giant firm and a multinational conglomerate. The major news for the industry is that the firm is accepting seven cryptocurrencies as a payment in the three Baltic regions.
In January, the company revealed the planning to get into the ASICS market by making their own digital mechanical chips. The outcome was the significant growth of the firm within the first quarter of 2018.
Copay is a European Fintech company offering cryptocurrency payment gateways via 31 merchant locations. The platform is hitherto on the cutting-edge of the market and realizes the expanding value of cryptocurrency payment options.
This company allows the customers to purchase anything with digital money. It has not only satisfied Eastern Europe but also various merchants over Portugal are covering Copay with the launching on Samsung’s online stores.
Currently, there are three Samsung stores in Lithuania’s capital- Vilnius which accepts cryptocurrency payments. In Estonia’s Tallinn and Latvia’s Riga, there is a single Samsung shop in the individual country.
The Copay team said that there are many businesses in various magnitudes that getting on the crypto train, and have already adopted cryptocurrency as a fruitful means to process the 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,”
Furthermore, Samsung also revealed its allure in blockchain technology. The firm is well-known for creating semiconductors for the mining devices in cryptocurrency.
The company has also mentioned that the growing mining chips demand will encourage its earnings. Back in April, Samsung reported a 58% y-o-y rise in 1Q18 wielding profits, especially urge by the demand of crypto mining chips.
Copay– the payment processor also works in a similar way to the platform BitPay. Here, merchants can store the cryptocurrency and exchange them for fiat. Accordingly, Samsung is also developing a blockchain-based system to track out the global shipments.
Samsung is Embracing the Slogan to “Turn on Future”
The Korean multinational company will accept cryptocurrency payments including:
You can find the complete list with store addresses on the Copay merchant map.
There are massive merchants and firms that accept cryptocurrency payments for
- Bars Restaurants
- Specialty shops
- Clothing stores
- Massage parlors
There are hardly any Regulatory Laws and Policy in the Baltic region, Latvia is an exceptional case. Latvia may urge a 20 percent capital gains tax through digital exchanges.
What do you think this decision by Samsung will bring great profit? Is this the initial step towards exploring the Baltic region? Let us know in the comment section below.
Image Source: Samsung