H&M distributors (not to be confused with the Swedish retail brand Hennes & Mauritz) announced a partnership with Crypto e-commerce platform Chimpion which enables the company to accept Cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash, Zcoin and Bitcoin Diamond (BCD) for payments.
The Nevada based company was established in 1997 and specializes in providing replacement ballasts, lampholders, and lampholder accessories. It has now jumped on the Crypto bandwagon to enable faster international settlements and reduced fees.
Founder & CEO of H&M Herb Needham 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.”
The company’s press release highlights the advantages of Cryptocurrencies as a payment system, it highlights features like faster settlement times for international payments, lower transaction fees, freedom from chargebacks as Crypto payments are immutable.
For some reason, the company also embraces the use of Bitcoin Diamond (BCD) which is a fork of Bitcoin (BTC). Even though it is not very widely adopted the company decided to highlight it on their press release.
Image Source: Press Release
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