Cryptocurrency transactions now make up 20% of Silicon Valley jeweler’s sales

(Photo by Dan Kitwood/Getty Images)

Cryptocurrency transactions have grown to 20% of sales at a Californian watch and jewelry retailer in the past year, according to Rapaport News.

Stephen Silver Fine Jewelry, which implemented the system in 2014, claims to be the first jeweler to accept cryptocurrency.

CEO of the company, Stephen Siver, thinks the system is enhancing the company’s ability to clinch high-value deals.

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Speaking to Rapaport News, he said: “Cryptocurrency has surpassed the volume of retail credit-card purchases in the company in a very short time period.

“We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency. Large sums of money are where we are finding cryptocurrency to be a huge advantage.”

The move was initially a plan to make wire transfers easier and more secure but also allowed the jeweler to receive payments instantly.

The jeweler said it had been assessing blockchain technology as a payment option for nearly ten years before it decided to implement the system.

Mr Silver added: “Given that Stephen Silver Fine Jewelry is based in Silicon Valley, the cradle of innovation, we’ve been monitoring the development of blockchain technology since 2008. In 2014, we felt it had matured to the point that we could bring the technology into our store.”

Mr Silver described the payment method as “indispensable” with average sales running close to seven figures admitting he had received a million-dollar cryptocurrency payment just recently.

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