Canadian Luxury Jeweler Birks Now Accepting Bitcoin (BTC)
According to the official announcement published on November 27, 2018, the leading Canadian luxury jeweler, Birks Group, is now accepting payments in Bitcoin (BTC).
Birks stores will be accepting bitcoin (BTC) payments via cryptocurrency via Bitpay, a leading cryptocurrency payment service provider.
Bitpay’s software allows retailers to instantly convert bitcoin payments into local currency, allowing retailers to avoid the volatility of cryptocurrencies should they choose to.
Faster, easier, more secure
Birks Group states that Bitcoin payment option provides faster, easier and more secure purchases to their customers who own cryptocurrencies.
Their customers are now able to use BTC to pay for brands like Rolex and Cartier. The company announced that its stores in the following cities will accept bitcoin (BTC):
- Vancouver, British Columbia (West Hastings, Boutique Graff, Patek Philippe Boutique)
- Calgary, Alberta (Brinkhaus and store locations)
- Toronto, Ontario (Bloor Street, Yorkdale Mall)
- Montreal, Quebec (Downtown store, Fairview Mall)
The mentioned announcement also brought the news that their newly opened Graff and Patek Philippe retail stores in Vancouver will soon start accepting payments done with the world’s leading cryptocurrency.
Birks’ describe themselves as a brick and mortar merchant which can much benefit from BitPay’s technology and Bitcoin payments, because, by becoming the first luxury retailer in Canada to accept Bitcoin payments, the company may have the upper hand over the competition.
Bitcoin for seamless cross-border payments
“It is of great significance to Birks Group to launch BitPay,” declared the President and CEO of Birks Group, Jean-Christophe Bédos as he spoken about how his internationally growing brand believes that with BitPay they are implementing innovative capabilities from the forefront of the technological progress.
On the other hand, CCO of BitPay, Sonny Singh stated that implementing BitPay with Birks’ existing payment solutions makes perfect sense as the company has a great number of international customers who, by using Bitcoin as a means of payment, bypass all the problems with cross-border fiat transactions.
“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,” concluded Singh.
Volatility can’t hurt retailers with BitPay
BitPay was founded in the Atlanta, Georgia, in 2011, and it offers online payments, billings, and in-store payments support, while at the same time providing pre-paid cards and cryptocurrency wallets for their customers.
This crypto payments processing company offers many benefits to its customers, but one of the possible reasons why Birks’ decided to go with BitPay is that it offers a full protection from the high volatility of cryptocurrencies.
Their system instantly converts crypto paid to retailer into fiat currency of the company’s choice and stores it directly into the company’s bank account.
There were others before Birks
Despite being the first in Canada, Birks Group can’t be considered as a pioneering Bitcoin-accepting business in the industry.
Back in 2014, U.S-based jewelry chain REEDS Jewelers, through the partnership with Coinbase, started accepting BTC payments, while one of the biggest online gold dealers, APMEX, like Birks, implemented BitPay’s technology in December 2017.
There is also the most recent example of the US-based Marks Jewelers, which accepts Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) payments via Shopping Cart Elite e-commerce platform.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.