In a big push for adoption, Marks Jewelers, one of the biggest jewelry retailers in the United States, recently announced that they would be adding multiple cryptocurrencies as payment methods. This move is to reportedly expand the reach of the company to reach global proportions.
The jewelers decided to add cryptocurrencies as a payment method in order to pay lower fees for cross-border payments and avoid pitfalls of centralized payment processing systems such as chargebacks. They aim to capitalize on the blockchain and its poster technology in order to “open [their] store to the world”.
They announced support for coins such as Bitcoin [BTC], Bitcoin Cash [BCH], Bitcoin Diamond [BCD], Bitcoin Gold [BTG], Ethereum [ETH], Litecoin [LTC], Dash and Zcoin [XZC]. This marks a big drive towards adoption in partnership with Shopping Cart Elite, an e-commerce platform.
Moreover, the business has been functioning for over 35 years and offers products such as fine diamonds, engagement and wedding rings, jewelry and timepieces. They are also known for their JEWLVISION program, which offers customers the opportunity to create custom jewelry for special occasions.
The Director of Marketing for Marks Jewelers, Joshua Rubin, said in a statement:
“We’re very excited to begin accepting cryptocurrency payments from our customers around the world. This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks. Marks has long been known for our meticulous craftsmanship and curated selection, and we are thrilled to open our store to the world.”
This adds to the long list of services slowly adding support for cryptocurrencies and make them a genuine medium of exchange as opposed to a speculative asset. The reason Marks chose to accept cryptocurrencies is also interesting, as they claim to reduce international money transfer fees and pass savings on to customers.
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