Cryptocurrency Payments Accepted by Samsung in Three Baltic States
According to the Lithuania-based company, customers in Tallinn, Riga, Vilnius, and Kaunas, will be able to buy Samsung smartphones, tablets, laptops, TV sets, and other products by using cryptocurrency.
The South Korean multinational corporation will support payments made in the following cryptos: Bitcoin, Ethereum, XRP, Litecoin, Dash, NEM, and Steem. Vilnius, Lithuania’s capital, has three Samsung shops that accept cryptocurrency payments.
In Latvia and Estonia, there is one Samsung store in each country, in Riga and Tallinn respectively. Along with these three Baltic States, CopPay’s platform is used by a number of merchants in Portugal. The company also released a statement in which it announced that cryptocurrency will also soon be supported as a payment option on Samsung’s online stores.
“There is a growing trend toward business digitalisation and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants,” CopPay said with regards to the news.
This is not the first time the company dabbled with cryptocurrency. In January, it was announced that the firm will start manufacturing crypto mining chips. In its earnings report, Samsung said that the increase in demand for mining chips would lead to a growth in its earnings. In April, the firm showed a 58 percent year-on-year increase in its operating profits in Q1 2018, which was mostly due to the cryptocurrency mining chips being in high demand.
But Samsung also recognizes the potential blockchain technology can offer. As a result, the company implemented this technology for the managing its global supply. Bloomberg’s April report revealed that the electronics manufacturer said that the blockchain could be used in tracking international shipments worth of tens of billions of dollars. This implementation could also reduce the shipping costs with as much as 20 percent.
Samsung’s latest announcement was made at a favorable time, just when the crypto market is steadily approaching mainstream acceptance.