In the stroke of a midday hour for the crypto market, Samsung is reportedly accepting cryptocurrency payments in many Baltic states using the crypto platform CoPay. The payment platform company is based in Lithuania and therefore customers in Tallinn, Riga, Vilnius, and Kaunas in the countries of Estonia, Latvia, and Lithuania will be able to buy Samsung products with cryptocurrency. Samsung has decided to accept payments in Bitcoin, Ethereum, XRP, Litecoin, NEM, and Steem.
According to CoPay, there is a growing trend towards digitalisation and allowing customers to pay in cryptocurrency, around the world. Samsung is no new giant in the crypto world. In January, they announced them taking their first steps in crypto by building mining chips. They said the growing demands for mining chips would help increase their earnings. In April itself, the firm released a 58% growth in its profits which was partly driven by these mining chips.
In fact, Samsung does acknowledge the power of blockchain technology, hence uses it in managing its global supply. They conveyed that blockchain could track shipments worth billions of dollars and helped cut shipping costs by as much as 20%.
This move comes at a time when the crypto market is steadily gaining roots in the mainstream. With Bitcoin rising back to $7,460, does depict the rising market as well. This comes after Bitcoin fell below $6,000 last month.
According to a study, it does appear that small businesses think crypto payments might become a reality within 2 years. Whereas, a research from eToro and Imperial College London shows that such payments would become mainstream in about 10 years.
The payment platform CoPay is similar to Bitpay in operation wherein merchants are allowed to keep the cryptocurrency from sales, exchange it for fiat, or a combination of both. The company stated that other Samsung merchants will also be adding the crypto-payment feature through their system.
This step does add a perspective impulse in investors which could have an impact on the outlook of the cryptocurrency market. With a conglomerate as global as Samsung accepting cryptocurrency, the mindsets of reluctant investors would surely be stricken. Moreover, it is a major boon for the market as this step would surely attract a major number of investors boosting the market to new heights.