Silicon Valley jewelry invoices millions of dollars thanks to the fortunes of the richest in cryptocurrencies
By all accounts, 2018 has not been the best year for investment in virtual currencies, although those who own large amounts of them in custody trust that the market will recover and can continue to be considered as crypto-millionaires.
Some of these "whales" are located in Silicon Valley, where the richest in cryptocurrencies have spent part of their fortune in super-expensive watches, diamonds and other high-end items.
Stephen Silver Fine Jewelry, a watch and jewelry boutique for very high profile people, located in the Silicon Valley, reports that sales recorded in cryptocurrencies have grown by up to 20% in the last year, helping to close deals very juicy for the company.
The boutique started accepting digital coins in 2014 and accepts payments in XMR, BCH and BTC, but only through authorized and approved Bitpay wallets. They adopted transactions in cryptocurrencies as an easier and safer alternative to electronic transfers, in addition to offering much shorter transfer times than the old traditional systems.
"The cryptocurrencies exceeded the volume of retail purchases of credit cards in the company in a very short period of time," said general manager Stephen Silver.
"We have created revenues that the company would not even enjoy without being able to accept cryptocurrencies ... In transactions where large sums of money are involved, it is where we find that cryptocurrencies are a great advantage."
The company has been closely following the development of cryptocurrencies for years, its president Jared Silver told Rapaport News. "Since Stephen Silver Fine Jewelry is based in Silicon Valley, the cradle of innovation."
Silver adds: "In 2014, we felt that the technology had matured to the point of being able to take it to our store." The company also pays the invoices of some of its suppliers with cryptocurrencies, and will continue in that line as the supply chain in the industry continues adopting the technology.
After all, accepting cryptocurrencies is now an "indispensable" payment method according to Silver. The average of sales made with virtual currencies is around seven figures, and the company has no limit on the amount it can process for each transaction.
The president of Stephen Silver Fine Jewelry also confessed that the company has just closed an operation in cryptocurrencies equivalent to one million dollars.