Not only the major American wholesaler but worldwide popular H&M distributors Inc will officially start accepting cryptocurrencies such as Bitcoin, Ethereum and Litecoin as a method of payment so we are about to find out more in our altcoin news today.
H&M distributors are not to be confused with the Swedish retail brand Hennes & Mauritz, announced their partnership with the crypto e-commerce platform Champion that will enable the company to accept cryptocurrencies as a method of payment. Despite the ones mentioned above, the company will also accept Dash, Bitcoin Cash and Bitcoin Diamond.
The company was first established in 1997 in Nevada, United States, and it’s one of the best suppliers of lamp holders, replacement ballasts and lamp holder accessories. The company has joined the crypto bandwagon in order to provide faster international settlements and reduce fees. The founder of the company 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.”
According to the company’s press release, all of the advantages of cryptocurrencies are highlighted including faster settlement times and lower transaction fees but also freedom from chargeback because of the immutable nature of cryptocurrencies.
What is interesting is the fact that the company will also use Bitcoin Diamond (BCD) despite not being widely adopted.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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