Samsung is now going to be accepting cryptocurrency for payment in three Baltic countries because of its partnership with the CoPay platform.
The stores that will accept cryptocurrency are located in Tallinn (Estonia), Riga (Latvia), Vilnius (Lithuania), and Kaunas (Lithuania). There is no information from either of the companies about expected results, however, it is assumed that with increasing possibilities sales are also bound to increase. Furthermore, the CoPay platform is also used in Portugal.
According to CoPay, the South Korean IT company will accept Bitcoin, Ethereum, XRP, Litecoin, DASH, NEM and Steem. Because of this wide variety of cryptocurrency, it is evident that Samsung is an advocate of the mass and universal adoption of cryptocurrency in day-to-day life.
This plan of accepting cryptocurrencies in physical stores in these countries is only the beginning. There are plans that soon enough, online stores will also accept cryptocurrency according to the information released by the company. However, there is no date specified as to when these changes will take place.
The CoPay team stated that Samsung is not the only company that is entering the crypto realm, but other companies have also adopted crypto in different frequencies and recognise its growing attraction. The team said,
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 worked towards the development of blockchain technology and has also been a significant player in the crypto world. Earlier this year, the company stated that it is planning to enter the ASICS market by producing its own crypto mechanical chips. This decision led to a lot of growth in the first quarter of the year. Furthermore, according to Bloomberg, Samsung is working on developing a blockchain based system to track global shipments.