Baltic States Consumers Can Buy Samsung Products With Cryptocurrencies?

According to unconfirmed reports, Samsung may start accepting cryptocurrency payments for products in the Baltic region, in partnership with Copay.

According to unconfirmed reports, South Korean consumer product giant Samsung may start accepting cryptocurrencies as payment for purchases of its products, including tablets, laptops, appliances, smartphones, etc., for residents of the Baltic States.

Samsung has a Lithuanian branch, catering to residents of Vilnius and Kaunas (Lithuania), Riga (Latvia) and Tallinn (Estonia), and if the news turns out to be true, they may be able to buy any products by the company without the need to convert their digital currencies to fiat money. The popular cryptocurrency payment platform CoPay is supposed to facilitate transactions.

It is believed the company may accept payments using digital currencies such as Bitcoin (BTC), Dash (DASH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), Ripple (XRP) and Steem.

CoPay also commented on the unconfirmed story:

“There is a growing trend toward business digitalization and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants.”

CoPay already has experience in handling transactions for items using digital assets as payments. The report said that several shops in Portugal have been using the CoPay platform allowing their customers to make purchases with their digital currency holdings.

If true, the development may be natural progression, since Samsung revealed in its annual earnings report published in January that it would start producing crypto mining chips to boost its earnings. The firm also announced in April that its 58% year-on-year growth in its first-quarter operating profits was driven by the strong demand for crypto mining chips.

Samsung is also harnessing the potential of blockchain as it is using the technology to monitor and manage its global supply line. The company said it tracks its global shipments, worth tens of billions of dollars a year, through blockchain. The technology has cut its shipping costs by as much as 20 percent, it said.

Last month, the company’s IT arm, Samsung SDS said it would leverage blockchain and artificial intelligence (AI) technologies for its  Cello Square 3.0 logistics platform. The new platform incorporates the firm’s logistics capabilities and the two technologies to create a unique synergy.

Samsung SDS VP of the logistics business Kim Hyung-tae said:

“We will provide services to global e-commerce sellers with Cello Square 3.0, which combines cutting-edge IT with Samsung SDS global logistics operation experience.” 

This is however, an unconfirmed, developing story, and we will keep our readers posted with the latest updates.