Update July 25: Samsung appears to have denied there is any such partnership, although CopPay is insisting there was but a deal fell out they claim.
Four official Samsung stores in the Baltics have begun accepting crypto payments, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Nem, and Steem.
Cryptonians in Tallinn, Riga, Vilnius and Kaunas, can now buy Samsung phones, TVs, Tablets and pretty much any tech gadget with crypto.
They do so through CopPay, a BitPay like merchant, which has launched only last year but has managed to land some big names in the Baltic, including United Colors of Benetton and Rex/Max.
They say Samsung’s crypto stores will start accepting crypto payments soon, so we spoke to a representative from CopPay to understand a bit more.
He did not want to be named, stating “we can not yet disclose any of this information yet, but we are discussing the possibilities of rolling out to their online stores too.”
He confirms “these are official Samsung stores indeed,” and says CopPay is currently working with “about 50 different merchants.”
Like BitPay, they have the option of instantly converting it into fiat or keeping it in crypto. The CopPay representative says:
“Our system works in 2 modes: Crypto mode and Exchange mode. In Crypto mode the merchant chooses to keep the crypto.”
We wondered if any merchant has taken the crypto mode option, with the representative stating:
“Some of our merchants choose to work in crypto mode, this is a minority. Mostly they choose to go this route because themselves they love crypto and are really enthusiastic about it.”
Interestingly, they have a 1% fee if the exchange mode is chosen where the crypto is insta converted, but no fee at all if they keep it as crypto. He says:
“Our platform is completely free to use for any kind of business, big or small. We only charge a 1% when exchanging into fiat money. Since we have to cover costs for the exchange to go through as well.”
No fee if they keep it as crypto? – we asked. “Nope, our mission is to make it possible for anyone to pay and accept cryptocurrencies. Not to have underlying fees of any sort!” – he says.
CopPay is based in Lithuania, with much of their focus currently in the Baltics area of Lithuania, Estonia and Latvia.
“We are focussing on the EU but since we are located in the Baltic’s and have most of our contacts here it was a logical point to get started in,” he says.
Their crypto payment platform was developed by ConsensusLab, which seems to be a blockchain tech start-up. With the representative not revealing whether they had any VC funding, but we heard about some Initial Coin Offering (ICO).
“We are planning a next ICO in the near future but we can not disclose too much information about that,” he says.
A number of big names have and continue to accept bitcoin on their online stores. That included Microsoft, Steam, Dell, and far too many to mention.
Some dropped it, but few went beyond bitcoin. Samsung’s online stores accepting the cryptos mentioned above would be a first. Whether they will in fact do so, however, remains to be seen.