The popular Indian merchant ‘The Rug Republic’ has started accepting cryptocurrencies via WazirX and Binance. The company said that it will accept all cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH). The company further stated that payments made will be in INR in the form of government issued currency.
Since cryptocurrencies are gaining popularity in India, we thought it would be a great idea to offer it as a payment option. So, we set up a merchant account with WazirX and Binance, and now we are offering crypto as a payment option at our store. Our website is in its beta stage and we will be adding more products every day, so keep checking back!Summary of the situation
– Kovrov Republic will accept 20 cryptocurrency tokens.
– In India, the brand uses Binance and WazirX for cryptocurrency payments.
Following in the footsteps of global companies like Xbox and PayPal, Indian home decor company The Rug Republic is now accepting transfers in cryptocurrency. This is accepted for domestic orders in South Asia.
The Indian brand, which has more than 80 branches worldwide, accepts 20 cryptocurrencies, with bitcoin being the largest. Users will buy rugs, handmade accessories, stools and other items offered in the online store with cryptocurrencies.
Although Indian experts and software developers have been accepting cryptocurrency transfers for quite some time, their brand adoption is certainly a first. Kovrov Republic has expressed unbiased views on cryptocurrencies and repression in India.
Indian tokens accept cryptocurrencies as means of payment
A user who wants to use cryptocurrencies in the store should contact the provider on their website. The Kovrov Republic previously used cryptocurrency platforms such as Binance and WazirX for these transactions. However, it will try to set up a payment system for cryptocurrencies in the near future.
This crypto movement is fueled by the growth of tokens, particularly bitcoin. India tops the list of countries where transfers of crypto-currency take place; it has a record number of users and $1 billion in tokens exchanged.
Republic of Kovrov talks about cryptocurrencies
Rug Republic CEO Raghav Gupta believes blockchain is a great technology that will change the financial world. Gupta adds that a new technological era has arrived that has the potential to solve the problems of the economy.
Raghav Gupta, who is a crypto entrepreneur, bought his first Ethereum token in 2016. Like many investors, Gupta benefited from the rise of Ethereum and other crypto-currencies in April. The Rug Republic chief also owns shares in Indian cryptocurrency company Polygon, which owns the MATIC token.
According to Gupta, the purpose of accepting cryptocurrencies in stores is not to exchange them for major currencies. But like many crypto traders, he expects prices to rise historically. Gupta trusts bitcoin more than the US dollar or the Indian rupee.
Although the cryptocurrency market is full of uncertainties, companies in India and other parts of the world are interested in investing in cryptocurrencies. The government of El Salvador recently introduced bitcoins as legal tender. This makes it the first country in the world to legalize cryptocurrencies. The reason they are at the forefront of cryptocurrency adoption is that they hope it will surpass the fiat market.
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