CoPay have announced that Samsung will begin accepting payments for its products in the Baltic countries of Lithuania, Latvia, and Estonia.
The project is being headed-up by Samsung’s Vilnius headquarters in Lithuania and will initially be trialled at three retailers in the capital city as well as one in the town of Kaunas. Outside of Lithuania, it will also be trialled in the Latvian capital of Riga and Estonia’s capital Tallinn.
Payments will be facilitated using the CoPay cryptocurrency payment platform which accepts Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), NEM (XEM) and Steem.
The CoPay platform has already been successfully tested at a number of retailers in Portugal where customers have made purchases with cryptocurrency. Shoppers will be able to buy a full range of Samsung’s electrical appliances including smartphones, laptops, televisions, and cameras. Online payments will also be accepted in cryptocurrency.
Samsung Forging Ahead in Crypto
Samsung has been expanding its operations into cryptocurrency this year with an announcement in January that it will begin producing cryptocurrency mining chips similar to those produced by Chinese mining giant Bitmain. The company already utilizes blockchain technology to manage its shipping and supply chain operations and says the move has reduced costs by 20 percent.
Samsung’s SDS subsidiary is also working with digital finance platform Nexfinance to develop a blockchain-based digital finance system using artificial intelligence. The system will provide services such as digital identity and automatic insurance via an AI virtual assistant.
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