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Home Cryptocurrency News Altcoin News: Litecoin, Monero, Ripple News Samsung sells its products for the cryptocurrency in the Baltic States

Samsung sells its products for the cryptocurrency in the Baltic States

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South Korean company Samsung, which is one of the world leaders in the development and production of telecommunications equipment, home appliances, and audio and video devices, will sell its products to customers in Tallinn, Riga, Vilnius and Kaunas for the cryptocurrency.

According to the Lithuanian platform of cryptocurrency payments CopPay, Samsung branded outlets will accept payments in bitcoin, litecoin, Ether, XRP, Dash, NEM and Steem. In addition, in the near future, cryptocurrencies will begin to be accepted as a settlement facility in online shops of Samsung.

Samsung Corporation is already working with the cryptocurrency sector. In January, it announced that it was starting production of video cards for mining. This was stated in the profit statement: Samsung representatives believe that the growing demand for such devices will further increase revenues. In April, the company reported an annual increase in operating profit of 58% in the first quarter of 2018, which is partly due to the demand for chips for mining.

In addition, Samsung uses the blockchain to manage its global supply chain. According to the Bloomberg report published in April, the giant electronics industry trusts this technology to ship cargoes worth tens of billions of dollars a year, which reduces transportation costs by 20%.

A survey conducted in February showed that small business owners believe that within two years, cryptocurrency payments will become a reality in the mass market segment. In turn, the study of eToro and London’s Royal College indicates that cryptocurrencies can become a common means of payment in the next ten years.

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