Home / Bitcoin / The jewelery retail giant of the Birks group begins to accept Bitcoin in eight locations

The jewelery retail giant of the Birks group begins to accept Bitcoin in eight locations

The leading Canadian jewelery producer and retailer Birks Group has started accepting Bitcoin (BTC) through a partnership with the US payment processor BitPay, the company confirmed in a press release on 28 November.

Birks, which has been operating since 1879, will initially accept the largest cryptocurrency in eight of its 30 national stores in Canada.

Seven are already paying the payments with Bitcoin, with the possibility of arriving early to the last Graff and Patek Philippe stores in Vancouver "soon".

Commenting on the move, Jean-Christophe Bédos, president and CEO of Birks Group, described the decision as "of great importance".

"BitPay will benefit our customers as we strive to align with these innovative capabilities that are at the forefront of technology," he said.

As reported by Cointelegraph, Bitcoin's underlying blockchain technology has seen multiple instances of tracking materials in the jewelery industry, with dedicated startups focusing on its use to increase the transparency of the diamond supply chain.

In October, the world's largest diamond producer Alrosa joined such a blockchain tracking driver in the form of De Beers' Tracr.

"The Birks Group has a large number of international buyers, so it's reasonable to give them the bitcoin payment," added Sonny Singh, BitPay's chief commercial officer.

BitPay is currently involved in disputes over its security practices after the discovery that a developer has injected malicious code into his Copay wallet this week.

While it is not clear if the vulnerability has ever been exploited in the three months since it was created, the cryptocurrency sector figures have been rapid for pour the contempt on the company.

Source link