BitPay, which works as a provider of bitcoin services, has rolled out crypto payments with Jomashop, an authentic luxury goods maker, according to a press release. BitPay allows companies to accept crypto without having to buy or own cryptocurrency.
With the ability to accept crypto, Jomashop will have more access to sales opportunities in the crypto space, the release stated. Crypto payments could be a force to help cut down high fees and boost payment transparency and efficiency.
Jomashop was seeing more demand for crypto, Vice President Alex Sternberg said in the release, adding the company is “now able to offer our luxury goods to affluent users who prefer to pay using cryptocurrency and serve our international customers where it’s easier and faster to pay using bitcoin and other cryptocurrencies.”
As part of a promotion, bitcoin was sent out to some users mistakenly, and the company is working on reversing the error, the report stated.
The exposure of the firm sat at around $10 million, and despite the company’s quick noticing of the mistake, multiple users had already withdrawn the bitcoin put in their accounts, according to the report.
The incorrect deposits have not disrupted BlockFi’s operations, the report stated. The company has reached out to users asking for the money back.
The service has spent the last five years offering automated letters for securing bank free refunds, canceling subscriptions and suing robo callers, but will now be getting into crypto as the digital payments become more popular all over the world, the report stated.
The program now has five products designed to send letters to crypto exchanges to ask exchanges to unfreeze funds; track funds stolen through hacks; reporting pump-and-dump schemes to the Securities and Exchange Commission (SEC), filing exchange disputes; and tracking airdrops, according to the report.