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What companies use cryptocurrencies?

Companies using cryptos

January 7, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Cryptocurrency is a decentralized form of digital currency that uses cryptography for anti-counterfeiting and security measures. It only exists in the digital world, as it has no physical form. Some popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. As cryptocurrencies continue to rise in popularity, more companies continue to embrace this technology. Companies use cryptocurrency as a form of payment or as a funding source. 

In this article, we will look at companies in various industries that accept cryptocurrency. Without further ado, let us get started.

Which major companies use cryptocurrencies?

Cryptocurrency has proved to be a financial revolution as more and more businesses and major companies are accepting it. According to a 2020 HSB survey, 36% of small and medium-sized businesses in the U.S. use Bitcoin. In Japan, over 260,000 stores are using cryptocurrencies as a mode of payment. 

However, not many people know that businesses all around the world are accepting cryptocurrency payments. Because of this lack of knowledge, we decided to bridge the connection between merchants and consumers using cryptocurrency. The following companies use cryptocurrency and are sorted by industry.

1.    Financial industry (Banks and payment platforms)

It is undeniable that the crypto market is the main competitor of banks and other financial institutions. They are faster, safer, and have lower transaction processing fees compared to bank transactions. As a result, some major banks and payment platforms have embraced cryptocurrency. Some of these banks include:

  • Royal Bank of Canada

  • Bankera

  • Fidor Bank

  • Living room of Satoshi

  • Goldman Sachs

  • Worldcore

Popular payment platforms that use cryptocurrencies include PayPal, Visa, MasterCard, Square, Cash App, and Bitstamp. As a result, more than 9 million U.S. Businesses accept various cryptocurrencies as a mode of payment. 

2.    Fashion industry (Handbags, jewelry, watches, and clothes)

As a common fact, fashion companies always follow the trend. With the widespread growth of cryptocurrency use, fashion companies use cryptocurrencies to accommodate their buyers. 
Major clothing companies accepting crypto payments are:

  • Excellion

  • YYBazaar

  • Lanieri

  • Queen Bee of Beverly Hills

  • Hipptee

  • BitcoinShirt

Some major jewelry companies that receive cryptocurrency payment include:

  • Etsy

  • Domoshop

  • Ancora 1919

  • Kobelli

  • Real Watches

  • Saving Pearls

When it comes to Etsy, you can easily find merchants who accept Bitcoin payments. The online marketplace allows vendors to customize their modes of payment. By providing a wallet address, crypto users can send the payment directly to the vendor.

3.    E-commerce  industry 

Whether you are grocery shopping, buying furniture, or looking for a particular service, e-commerce has it all. Many people enjoy online shopping as it is diverse and convenient. Another added advantage of online shopping is that you can use digital currency. Some online businesses that accept crypto include:

  • Shopify

  • Overstock

  • Bitshopping

  • Newegg

  • Gipsybee

  • Rakuten

  • Something Geeky

  • SurvivalCampingStore

For instance, let us talk about Overstock. This American retail website partnered with Coinbase to allow crypto payments on the platform. Users simply select the ‘Pay with Bitcoin’ tab in the Payment Information section of their check out page to pay using Bitcoin. The platform also allows payment with other major cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash, Dash, and Monero. 

4.    Automotive industry

When it comes to cryptocurrency, the automotive industry has not been left behind. It is now possible to buy a car using crypto. Some major companies that accept cryptocurrency payments include:

  • Lamborghini Newport Beach

  • BMW

  • Spokester

  • Post Oak Motor Cars

  • AGU

  • Classic Recreations

For example, you can now buy a new BMW from the Stephen James Group, an authorized BMW dealer and MINI automotive company. According to a post on their Twitter account, crypto enthusiasts can now walk away with a brand new car by paying using Bitcoin.

5.    Hardware and software manufacturing industry

Several tech companies have also embraced cryptocurrency payments. Some major hardware and software companies that use crypto are:

  • Microsoft

  • Archos

  • Breakstore

  • GoDark

  • Ledger

  • LibreOffice

  • Trezor

  • Caseking

Since 2014, Microsoft has been accepting Bitcoin payments in its online Xbox store. Thus, users can top up their Microsoft accounts using Bitcoin and purchase various software from the tech giant. 

6.     Food and beverages industry

Crypto enthusiasts can now enjoy their favorite meals and beverages from their favorite fast-food restaurants. They can now use digital currency to put food on the table. Some major food and beverage businesses that accept crypto are:

  • Subway

  • Burger King

  • KFC

  • Pizza Hut

  • Toga

  • Crypto Coffee

  • Domino’s Pizza

  • Wholesale Roots

  • The Pembery Tavern

  • Koyah

  • Undead Coffee

Burger King Outlets in Venezuela and Germany recently announced that they will accept Bitcoin payments for their online deliveries. As a result, buyers can buy from these outlets using Bitcoin, Litecoin, Dash, Tether, and Ethereum. But, you cannot use crypto to buy products in their physical locations.

7.    Movie industry (theatres)

If you are a crypto enthusiast who enjoys the theatre experience, you will be happy to know that you can also pay for your movie tickets using cryptocurrency. Select theaters and cinemas around the globe are accepting crypto payments when buying tickets. Some of these movie franchises include:

  • Cine Multi

  • Lionsgate Films

  • AMC Theaters

  • Major Cineplex

  • London Theater Direct

Cine Multi was among the first cinema locations in Brazil to accept Bitcoin payments.  By partnering with Bancryp App, their customers can easily pay for tickets using Bitcoin.

Why do companies use cryptocurrency?

Generally, it is always good for business to accept any popular means of payment, especially those supported by banks and other vendors. It is common for vendors to list down accepted forms of payment at their online checkout page. So, why not follow the trend and give the customers what they want.

Similarly, crypto transaction processing fees are lower than those of major credit cards. For instance, Mastercard charges between 1.55% and 2.6% for every transaction. Often, cryptocurrency exchange charges range from 0.5% to 1% per transaction, giving it an upper hand over traditional forms of payment. 

Lastly, vendors who include a bitcoin payment system on their platform make a potential investment. With low transaction fees and the ability to invest and trade over time, vendors can boost their business profits using crypto. 

Conclusion

Cryptocurrencies are no longer niche projects. Their popularity is continuing to grow more among consumers and companies. With these digital currencies, consumers can make fast and secure transactions without worrying about cyber attacks. Companies use cryptocurrency to avoid hefty banking fees and increase their pool of potential customers. So, now you can enjoy your favorite products and services by paying for them in cryptocurrency. 

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