Japanese consumer electronics trader Yamada Denki has collaborated with the country’s major crypto-currency exchange Bitflyer to tryout Bitcoin payments. Initially, Bitcoin will be accepted in its Tokyo based Labi stores, but the company decided to roll out the virtual currency payment alternative nationwide in the future.
The joint venture of Yamada Denki with Bitflyer is significant as it is the leading crypto-currency exchange in Japan in terms of volume.
The company stated:
“IN ADDITION TO DIVERSIFYING (OUR SERVICES), WE WILL IMPLEMENT INITIATIVES TO IMPROVE BITCOIN RECOGNITION AND USAGE PROMOTION.”
With the launch of the Bitcoin payment method, the company specified that it aims to respond to the different needs of its clientele both in Japan and overseas. After the launch, the company stated that they believe that they could provide the improved services according to the convenience.
According to Bitcoin Price Index, the electronic retail giant has laid down the settlement limit of Bitcoin equivalent to 300,000 Japanese yen ($2,760) per account. At the time of writing this article, Bitcoin was trading around $11,200 (1,218,016 JPY). To celebrate the event, Bitflyer is giving away 500 yen to its first 500 clients paying with the virtual currency through Bitflyer wallet at each store.
The move comes after another Japanese electronics retailer, Bic Camera in April 2017, announced that they are going to test point of sale system that will allow customers to buy goods through Bitcoin. Later in the month of July, the company stated that it is expanding their Bitcoin payment mode in all their stores in the nation.
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.