Indian Decor Brand The Rug Republic Starts Accepting Cryptocurrency for Payments
In addition, the company reportedly plans to use these platforms for in-house payment systems via cryptocurrency transactions.
Following the steps of big companies such as Paypal, Overstock, and Microsoft, The Rug Republic is claimed to start accepting payments in cryptocurrencies. The move makes India’s homegrown decor brand the first big company to enter India’s exciting cryptocurrency world. The company has a presence in ninety countries. Those who want to buy rugs and other handmade products will be able to do this via cryptocurrencies in The Rug Republic’s online store. The store will be using the platforms named WazirX and Binance for cryptocurrency transactions.
Cryptopolitan published a report saying that The Rug Republic will accept payments in more than twenty cryptocurrency coins, including bitcoin. The report also stated that the Delhi-based homegrown decor brand is to develop an in-house system that allows customers to pay in digital assets.
Although the Rug Republic is a global player in the homegrown decor business, it limits the cryptocurrency transaction only to its customers in India. In addition to this, the company decided to keep a record of sales made through cryptocurrency assets; the documents will include the name of the cryptocurrency used, the purchase date, and the paid amount.
As the report states, The Rug Republic’s director Raghav Gupta, who is also a cryptocurrency enthusiast, says that blockchain is a great technology and has the potential to transform the financial world:
“Blockchain is a great piece of technology that will undoubtedly change the face of transactions as we know them. All can reap a new age where intermediaries can be cut out and benefits instead of a select few. I believe as entrepreneurs it is not only in our best interest but also our duty to adopt new tech that can solve very key issues in our current ways.”
Raghav Gupta also said that his first investment was in ethereum in 2016 and he benefited from the last cryptocurrency boom. The Indian cryptocurrency company Polygon, which Gupta reportedly has shared, owns the Matic altcoin. Gupta expects that virtual assets will experience a historical rise and he trusts cryptocurrencies more than the Indian rupee or US dollar. In accepting digital currencies, he has no purpose for exchanging them for major mainstream currencies; however, he might seek some strategic sales when a big jump occurs in prices. He said:
“Cryptocurrencies are a more sustainable and advantageous future than fiat money can even dream of being.”
Among the first few companies in India that started accepting cryptocurrencies in transactions, start-ups such as Purse and HighKart. As for the countries, El Salvador has been the first country to legalize cryptocurrencies.