Thanks to a new partnership with Chimpion, respected lampholder wholesaler H&M Distributors will accept major cryptocurrencies, and hopes to pass on these savings to its network of retailers. The announcement was made on February 8, 2019.
Bullish in the Face of the Bear
One of the ways that cryptocurrency investors and advocates have managed to maintain their enthusiasm, despite the fact that the cryptocurrency markets are clearly bearish, are through the new announcements and partnerships that many blockchain startups and cryptocurrency projects are making. In addition, there are more companies that are now announcing that they are accepting cryptocurrency than ever. One of those companies is none other than H&M Distributors.
About The Company
It is important to note that the company is American wholesaler, not to be confused with the Swedish clothing brand “H&M”. H&M Distributors specializes in the lighting industry, and offers a variety of lampholders and lampholder accessories. The business has now been in business for over 20 years, as it was founded in 1997. The company markets itself as your “one-stop lighting shop”.
The company clearly sees value in the speed and efficiency of cryptocurrency transactions, and hopes that the partnership will improve its relationship with its retailers. In addition, the company also believes that accepting cryptocurrency will allow H&M Distributors to pass on added savings to retailers, which means that accepting cryptocurrency might provide for a unique advantage over the competition. In order to accept cryptocurrency, H&M Distributors has established a partnership with Chimpion.
For those that are unaware, Chimpion aims to be a cryptocurrency point-of-sale platforms for companies of all kinds, and even boasts a mobile app for increased convenience. The idea of Chimpion is to make it as easy as possible for businesses and storefronts of all kinds to accept cryptocurrency.
Thanks to the partnership, the wholesaler will now accept Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Diamond (BCD), Dash (DASH), Ethereum (ETH), Zcoin (XZC), and other cryptocurrencies, as well. The transaction fees involved will amount to less than a penny, and this will also help the company avoid inconvenient chargebacks, as well.