Decor brand The Rug Republic becomes the first Indian company to accept crypto payments

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Joining the ranks of Microsoft, Paypal and Overstock, India’s décor brand The Rug Republic has now reportedly started accepting payments in major cryptocurrencies for purchases. It is the first major home décor brand to enter the cryptocurrency space. Rug Republic, which is said to have a presence in 90 countries, will reportedly use the WazirX and Binance platforms for these cryptocurrency transactions. Interested people can purchase available rugs, handmade goods and other products using cryptocurrency in Rug Republic’s online store.

According to a report by Cryptopolitan, the company will accept payments in at least 20 major cryptocurrency tokens, including Bitcoin. The report also stated that the Delhi-based brand has plans to develop an in-house payment system for digital currency.

Despite being a global player in the décor business, the company has limited the acceptance of cryptocurrencies to its Indian customers only. Not only this, the company will also keep track of the sale allegedly done through cryptocurrency tokens, to avoid any confusion. As per the report, the brand’s invoice will mention the mode of payment, including the name of the digital currency used, the date of purchase and the amount paid.

The report by Raghav Gupta, CEO and cryptocurrency enthusiast at Rug Republic, said that blockchain is an outstanding technology and has the potential to change the financial world.

The head of Rag Republic is said to have invested in its first Ethereum token in 2016 and has benefited from the crypto boom over the past few months. Gupta also reportedly holds shares in an Indian cryptocurrency company, Polygon, which holds the Matic token. He explains in the report that the purpose of accepting digital currencies is not to exchange them for the major currency. However, he expects a historic growth in the digital currency. The Cryptopolitan report also states that Gupta trusts cryptocurrencies more than the US dollar or the Indian rupee.

Start-ups like HighKart and Purse were among the first few companies in India to start accepting cryptocurrencies as a form of payment. Among the countries, El Salvador recently became the first country to legalize cryptocurrencies.

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