Silicon Valley not only creates a foundation for the tech industry to develop future-ready products and services but also influences the operative mechanism of other businesses located inside. Stephen Silver, a premier timepiece and fine jewelry retailer is one of the leading examples following the footprints of tech giants.
No, the high-end retailer did not develop artificial intelligence based software or a notch-less timepiece. In fact Stephen Silver embraced Cryptocurrency technology as a preferable mode of payment back in 2014, being the first in its luxury segment to show confidence in the new digital money.
“Given that Stephen Silver Fine Jewelry is based in Silicon Valley, the cradle of innovation, we’ve been monitoring the development of blockchain technology since 2008,” Jared Silver, President at S.H. Silver Company Estate & Fine Jewelry told Rapaport News. “In 2014, we felt it had matured to the point that we could bring the technology into our store.”
Confidence in Cryptocurrency as Reliable Payment Mode
During a recent interview Stephen Silver, CEO of Stephen Silver acknowledged that transaction via emerging digital money Cryptocurrency has beaten the traditional credit-card payments in a short time. The crypto transactions in the stores have now risen to 20 percent of total sales which has helped the innovative retailer to close few expensive deals smoothly.
In a recent interview, the retailer stated that its average sale via Cryptocurrency is approximately in eight figures. Silver added, “We’ve created revenue that the company would not even enjoy without being able to accept Cryptocurrency…. Large sums of money are where we are finding Cryptocurrency to be a huge advantage.”
Echoing the words of the CEO, Jared said that by dealing in Cryptocurrency, purchasers additionally save up to 2% as they need not incur any conversion fees.
Moreover, compared to international wire transfer that takes 3-4 days, Cryptocurrency is a faster mode of payment as the transaction process gets completed within 15 minutes.
Leveraging the technical characteristic of Silicon Valley, Stephen Silver realized the importance of digital transaction via Cryptocurrency a decade back. It concluded that this blockchain technology is going to be a promising mode of payment for its tech-savvy customer base and gemstone collectors.
Finalizing Reliable Cryptocurrency Processing Partner
Subsequently, America’s premier fine jewelry retailer decided to look for reliable partners operating Cryptocurrency technology. Based on vigorous system and KYC/AML (Know Your Customer/Anti-Money Laundering) compliance inspection process, Stephen’s search ended at the present industry leader, BitPay.
From the other side, even BitPay did an extensive review of the Silicon-based premier retailer to provide a merchant authorization. It scanned the latter’s financial statements, internal KYC/AML process and interviewed the top management on multiple times.
Now Stephen Silver accepts the new digital money payments from authorized BitPay approved wallets only. It presently transacts in cryptocurrencies namely in Bitcoin, Bitcoin Cash, and Monero. The thought process is quite clear here. Both the parties aim to underpin Cryptocurrency transactions as a beneficial technology for business practices, besides following all ethical practices and abiding all laws.
Though Cryptocurrency technology is still at an inception stage and it will continue to evolve, the fine jewelry retailer is pioneering in this new business practice and extracting the early benefits.