Birks Group to Accept Bitcoin
In a recent press release, Birks Group, announced a partnership with BitPay. This partnership will allow for the Canadian based jeweller to begin accepting Bitcoin at various location.
Although situated within Canada, Birks Group has a global client base. By offering customers the ability to pay for product in Bitcoin simplifies international transactions. Both in efficiency and safety.
To begin, 8 stores will accept Bitcoin. These are found in the following locations.
- Vancouver West Hastings
- Brinkhaus, Calgary
- Fairview Mall
- Calgary stores
Speaking on this development was the CEO of Birks Group, Jean-Christophe Bedos. He stated, “It is of great significance to Birks Group to launch BitPay…As an internationally growing brand, we believe that BitPay will benefit our customers as we look to align ourselves with these innovative capabilities that are on the forefront of technology”
Birks Group is not just any random jeweller. They are an iconic brand that was founded in 1879. In their nearly 140 years of operation, the brand has become synonymous with quality. Brands found at Birks Group include Cartier, Rolex, Bulgari, Breitling, and more.
Although initial Bitcoin acceptance is limited to 8 locations, Birks Group operates a total of 29 locations nationwide. It would stand to reason that if this initial rollout is successful, customers can expect future expansion.
BitPay has been enveloped in the blockchain industry since 2011. Since inception, they have developed services which offer merchants the ability to send/receive cryptocurrencies.
This partnership with Birks Group is a perfect example of the types of merchants that can benefit from their services. BitPay Chief Commercial Officer, Sonny Singh, commented, “Birks Group has a large number of international shoppers so allowing them to pay in bitcoin makes perfect sense…Accepting bitcoin helps Birks Group to cater to their high-end international clients and get new customers while providing an innovative and safe payment option.”
Unfortunately BitPay was at the forefront of some negative news recently. It was found that an employee of BitPay knowingly incorporated malicious code within the BitPay wallet. This situation is still unfolding, and it is unknown if any damages occurred.
While the intended use it different, this is not the first time that the jewellery industry has made use of blockchain technology. Over the course of 2018 there has been rapid development in a product known as Tracr.
Tracr is a supply chain management platform, tailor fit to track the life cycle of Diamonds and similar stones. Through its use, consumers, distributers can be assured of a stones authenticity, as well as its origins.
To date the Tracer platform has been adopted by the world’s largest diamond companies. These include De Beers, and Signet Jewellers.
Significant during market climate?
It has long been said that a market turn around will occur when functionality is built-in to cryptocurrencies. Partnerships like the one discussed here remind us of the potential that blockchain holds. Despite the prevailing bear market, giants within their respective industries, such as Birks Group, have recognized the benefits that blockchain affords.
While 2018 was full of regulatory uncertainty, 2019 looks like it will be full of adoption.