It XBT.NET reported, according to an official statement November 27, 2018 release, the Canadian luxury jeweler Birks Group support Bitcoin (BTC) payment services provided by encryption money to provide payment provider Bitpay.
Bitpay’s software allows retailers to instantly convert bitcoin payments into local currency, avoiding price fluctuations in the cryptocurrency they choose.
According to Birks Group, the Bitcoin payment option provides customers with cryptocurrencies a faster, simpler, and more secure purchase. Their customers can now use BTC to pay for brands such as Rolex and Cartier. The company announced that its stores in the following cities will accept Bitcoin (BTC):
Vancouver, British Columbia (West Hastings, Boutique Graff, Patek Philippe Boutique)
Calgary, Alberta (Brinkhaus store)
Toronto, Ontario (Brewer Street, Yorkdale Mall)
Montreal, Quebec (City Center Store, Fairview Mall)
The announcement also said that their newly opened Graf and Patek Philippe retail stores in Vancouver will soon begin accepting cryptocurrency payments.
Birks called himself a brick-and-mortar business that could benefit from BitPay’s technology and bitcoin payments, becoming Canada’s first luxury retailer to accept bitcoin payments, and the company may have the upper hand in the competition.
Jean-Christophe Bédos, President and CEO of Birks Group, is working hard to implement his international development plan and to convince brands of BitPay’s innovative capabilities.
On the other hand, BitPay’s CCOSonny Singh said that Birks’ existing payment solution makes a lot of sense because the company has a large number of international customers, and Bitcoin as a means of payment can bypass all cross-border legal transactions.
“Accepting Bitcoin helps the Birks Group cater to their high-end international customers and acquire new customers while offering innovative and secure payment options,” Singh concludes.
Founded in 2011 in Atlanta, Georgia, BitPay offers online payment and in-store support, as well as prepaid cards and cryptocurrency wallets for its customers. One reason Birks decided to adopt BitPay might be that it provides comprehensive protection against the high volatility of cryptocurrencies: their system immediately converts the encryption paid to the retailer into the legal currency of the company’s choice and stores it directly at the company’s bank. In the account.
As early as 2014, the US jewelry chain REEDS Jewelers began accepting BTC payments through cooperation with Coinbase, and APMEX, one of the largest online gold traders, implemented BitPay technology in December 2017.
There is also a recent example of Marks Jewelers in the United States, which accepts Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) through the Shopping Cart Elite e-commerce platform.