On Friday, Samsung stores in the Baltic States announced they will be accepting seven different cryptocurrencies for merchandise. Through a partnership with the payment processing firm Coppay, customers shopping at the Samsung stores in Tallinn, Riga, Vilnius, and Kaunas will be able to pay with BTC, ETH, DASH, NEM, STEEM, XRP, and LTC.
** This post has been updated on July 23, 2018. According to a few reports, a Samsung spokesperson has explained the firm does not have a partnership with the Coppay company. The Coppay firm denied these findings, but have since deleted their blog post announcement. Since then they’ve posted this blog post update, explaining the chain of events.
Samsung Stores in Three Baltic States Accept Cryptocurrencies
The platform Coppay is a European fintech firm that offers payment gateways for cryptocurrency paying customers throughout 31 merchant locations. Now the company has announced that Samsung is truly embracing its slogan to “Turn on Future” by accepting seven different cryptocurrencies. The digital currencies the Samsung stores will be accepting for payments include bitcoin core (BTC), dash (DASH), NEM (XEM), steem (STEEM), ripple (XRP), litecoin (LTC), and ethereum (ETH).
“Customers in Tallinn, Riga, Vilnius, and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money,” explains Coppay’s announcement.
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.
Both Samsung and the Baltic Region Are Embracing the Future of Digital Assets
Cryptocurrencies, in particular, have been extremely popular in the Baltic states and digital assets have broad acceptance in states like Estonia, Latvia, and Lithuania. There is a great variety of merchants that accept bitcoin payments for coffee, apartments, bars, restaurants, hotels, specialty shops, clothing stores, and massage parlors. Regulatory policy in the Baltic region barely exists, except for Latvia, which may impose a 20 percent capital gains tax on cryptocurrency exchanges.
Samsung also has shown interest in blockchain technology and it’s well known the firm creates semiconductors for cryptocurrency mining devices. The company’s earnings had spiked significantly in 2017 due to semiconductor demand tethered to digital asset mining operations. The payment processor Coppay operates similarly to the firm Bitpay’s platform and merchants are allowed to keep the cryptocurrency from sales, exchange it for fiat, or a combination of both. The company explains the other Samsung merchants will also be adding the crypto-payment feature through their system as well.
** This post has been updated on July 23, 2018. According to a few reports, a Samsung spokesperson has explained the firm does not have a partnership with the Coppay company. The Coppay firm denied these findings, but have since deleted their blog post announcement. Which means it’s very likely that Samsung stores in the Baltic states don’t accept cryptocurrencies for payments.
Images via Pixabay, Samsung store, Samsung, and Coppay logos.
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