Business 11 February 2019

Erik Gibbs

US-based wholesale company now accepts crypto

Cryptocurrency adoption by retailers is spreading. Part of the reason is the realization that crypto is a better, faster and cheaper payment option, but the decrease in market volatility is also contributing greatly to the decision by merchants to move into the digital world. Last week, an auto parts retailer, US-based RPM Outlet, announced that it would begin accepting crypto and now another U.S. supplier is onboard. 

H&M Distributors, a wholesale distribution company out of Nevada, indicates in a press release that it now allows its customers to purchase products with Bitcoin Core (BTC), Bitcoin Cash ABC (BCH), Bitcoin Diamond (BCD), Ether (ETH) and other digital currencies. The capability is made possible through a partnership with Chimpion, quickly becoming the main crypto eCommerce platform used by merchants.

According to H&M Distributors founder and CEO Herb Needham, “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 company has been around for over 20 years, finding its roots in shatter-resistant fluorescent light bulbs, based on a patented system developed and designed by Needham. That light bulb was later sold to GE Lighting and offered as the Cov-R-Guard Fluorescent, the release explains. 

H&M Distributors is now an “On-Demand Stocking Master Distributor,” a company that replenishes its inventory based on the needs of the customer. H&M adds in the press release, “This inventory is complemented by a knowledgeable Technical Support team to assist with product crosses, wiring, and any other technical information.”

The retail world is embracing cryptocurrencies more than ever, despite the view of opponents who have argued that it’s “Game Over” for the ecosystem. To the contrary, crypto has just been warming up, and the next two years are going to see a considerably higher level of adoption in both the commerce and financial spaces. This is only the beginning.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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