American Wholesalers H&M Distributors Now Accept Bitcoin, Other Top Digital Currencies
Even with the continuing bearish market, major companies and retails continue to show love for cryptocurrencies. H&M Distributors, a big American wholesaler, is one of the latest names to join the crypto bandwagon after it announced the support of bitcoin and other altcoins.
H&H Distributors, a company dealing with lap holders, replacement ballasts, and accessories, will enable cryptocurrency payments with the help of Champion, an e-commerce platform, allowing users to purchase its products using market-leading cryptos.
According to H&M Distributors, the cryptocurrencies that will be accepted include Bitcoin (BTC), Bitcoin Diamond (BCD), Dash (DASH), Bitcoin Cash (BCH), Litecoin (LTC), Zcoin (XZC), Ethereum (ETH), and others.
The company’s decision to accept cryptocurrency payments, and particularly bitcoin, comes after it discovered that digital currencies allow it to expand across borders and sell products to a wider international market.
According to a press release, the CEO and founder of H&M Distributors, Herb Needham, stated that:
“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 road to Mainstream Adoption
Over the past few years, cryptocurrencies have emerged as the next big evolution of currency mainly because of its decentralization, cost-effectiveness, and convenience. They match the functionality of fiat currency but go a step beyond to offer security, accessibility, and efficiency.
The announcement of bitcoin and other altcoins support by H&M distributors may not be the breakthrough that BTC and altcoins have been waiting for, but it’s certainly a positive move towards mainstream adoption of cryptocurrencies.