Getting inclined towards the ongoing crypto trend, The Rug Republic, a homegrown décor brand, has started accepting major crypto as payment for its orders. Although the Delhi-based décor brand delivers all across the globe but the payment option is as of now available in India only.
The brand will take the top 20 cryptos according to market capitalization as payments for its products. The company uses Binance and WazirX platforms for crypto transactions although it is planning to build an in-house payment system for cryptos.
While global giants including Microsoft, Tesla, Paypal among others accepted this mode of payment, Indian firms are yet circumspect of it.
The first strategy is simply accepting payments in crypto using 3rd party systems and transforming it into fiat currency. In this way, the firm also keeps the digital assets off the corporate balance sheet with no or little disturbance in its internal modus operandi.
The service fee charged by third-party vendors or exchanges is usually less than the credit cards which make crypto an attractive alternative for businesses.
Meanwhile, firms can also integrate crypto using their own systems, just like The Rug Republic intends on doing.
Global firms like Microsoft and Tesla own cryptos as digital assets. This would also imply that it would be simpler for firms to integrate crypto in their other treasury operations like investing and banking activities.
Also, the firm can integrate a 3rd party vendor using its own systems managing its own private keys or it can get it on board as a custodian of its digital assets.
While crypto lovers are waiting for the Crypto Bill that may be presented in the monsoon session of the parliament for discussion, the crypto space has been ruined with unpredictability as banks are dubious to process crypto dealings.