The recent acceptance of Bitcoin as a means of exchange by yet another two large-scale companies has been announced, paving the road to making transactions through crypto currencies a mass, mainstream adoption for companies world wide.
The Kolon Group, a South Korean multi-billion dollar, family owned business that deals in auto-parts, fashion, construction, healthcare, chemicals and textiles has entered the block chain and crypto currency way of life.
South Korea is one of the worlds most advanced economies and the worlds largest market for Bitcoin, three out of ten salaried workers in South Korea have invested in crypto currencies. So it only makes sense considering South Korea experienced its crypto craze in 2016 that The Kolon Group is piloting initiatives to benefit its customers.
The companies construction sector is currently working on its latest project, which will allow residents to pay for their rent using crypto currencies. Energy saving households will also be rewarded with digital tokens – crypto currencies. Kolon Benit, Kolon’s IT officer has also begun navigating their latest block chain technology, a powered real estate land registry.
In the global market, fashion tycoon H&M is the latest to adopt crypto currencies as a payment option for their customers. They have partnered with crypto e-commerce platform Chimpion, and accept Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash and Zcoin (XZC) as a starting point.
This is not the first and last time that we will see crypto currencies used in a large-scale commercial and domestic setting. More and more businesses will ultimately come on board because utilising crypto currencies as a means of exchange decreases the hassle of converting currencies as well as a major reduction in fees.
Founder and CEO of H&M, Herb Needham says, “After more than 20 years in the business, we consider ourselves experts. Accepting crypto currency 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 the settlement system, which allows us to convert crypto payments to a USD equivalent right away”.
KFC Canada, Subway, travel magnate Expedia and PayPal also accept crypto currencies as a means of payments. In 2014 Microsoft opened its doors to crypto payments on its Xbox Store after former CEO and now board member Bill Gates stated
“Bitcoin is better than currency”.