Luxury Retailer True Facet Greenlights Crypto Payments

True Facet – an online marketplace that sells used watches and jewels – has partnered with Bit Pay, a leading provider of digital currency payment services, to permit shoppers to checkout and purchase items with crypto assets like bitcoin and Ethereum.

True Facet Says “Yes” to BTC Payments

The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.

It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.

Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.

That’s what makes enterprises like True Facet so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from. Raj Seecharran – the co-owner and CEO of the company – expressed enthusiasm over his company’s growth, claiming in an interview:

The expansion into handbags is a natural progression for True Facet as we continue to grow and provide our customers with the best possible shopping experience. Our new iOS app makes it easy for shoppers to buy luxury items on the go, and our crypto checkout options make it easy for them to pay with bitcoin or Ethereum. We are committed to providing a safe and secure shopping experience for our customers, and we will continue to use blockchain technologies to prevent fraud and protect their information.

Making the Right Partnerships

Aside from allowing customers to pay for items with crypto, the company is also partnering with several luxury brands such as Gucci so individuals can get their hands on the high-end items they’ve always dreamed about. True Facet is also launching a new iOS application to help ease the buying process.

The company first came to fruition in the year 2014.

Source: Read Full Article

click fraud detection