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Stephen Jewelry, The First Jewelry Store In The World To Accept Cryptocurrency Payment

Stephen Jewelry, a high-end jewelry store known for selling rare jewelries and expensive watches is the first jewelry store in the world to use cryptocurrency in its payment transactions as reported in CBS Local.
The store is located at the heart of Silicon Valley, the world’s center of innovation. Stephen Jewelry showed how incorporating innovations in business transactions such as cryptocurrencies could give your business an edge.
The store’s sales in the past 8 months have been solid using cryptocurrency. It’s over 8 figures in total.
While many businesses are still reluctant in using cryptocurrencies, Stephen Jewelry seems to be benefiting from its openness in utilizing the digital currency to its payment transactions.
Jared Silver, the president of Stephen Jewelry, said that 50 percent of the company’s transactions use wire transfers for their payment while 20 percent of the company’s sales are paid through  Bitcoin cryptocurrency. It costs them 3.5 percent  for each  payment transaction that they accept in credit card. He furthered that using cryptocurrency in payment transaction is more affordable than credit cards. It is faster than wire transfer or credit card, plus it is more convenient for their customers.
According to Jared, “Being that we’re here in Silicon Valley really in the cradle of innovation it provides us an opportunity to see how these technologies mature and what we’ve found was that we have a lot of customers who are reputable investors, entrepreneurs and they wanted to pay in cryptocurrencies.”
Yim, the CEO of Cointopia, a cryptocurrency company is one of the store’s clients. He bought a 13-karat diamond bracelet with her girlfriend.He said, given that he earned through Bitcoin and cyprocurrency, he opted to pay in cryptocurrency. It is more convenient and more affordable than converting it to U.S. dollars.
His transaction with the store was fast. The cryptocurrency was immediately converted into U.S. dollars.
The use of cryptocurrencies in payment transactions is becoming popular. Not everyone may  opt to pay for products or services using cryptocurrency, but it is a good option. It is  indeed faster, more affordable, and more convenient than the traditional way of payment.
 
 
 

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