American Wholesaler H&M Distributors Starts Accepting Cryptocurrency Payments

  • H&M Distributors will accept BTC, BCH, BCD, LTC payments (among other cryptos).
  • The American distributor now accepts crypto due to its faster settlement times and ability to easily convert to USD.

H&M Distributors, Inc., an American company that “builds inventory based on the needs [its] customers express”, has announced it will start accepting cryptocurrency payments.

Launched in 1997 as a distributor of “shatter-resistant fluorescent light bulbs”, H&M Distributors currently focuses on offering low-cost lampholders, lampholder accessories, and replacement ballasts. In order to provide a wider range of payment options to its clients, H&M Distributors have partnered with Chimpion, a cryptocurrency e-commerce platform that allows merchants to accept crypto payments for their online business.

Currently, retail companies can pay for orders from H&M in bitcoin (BTC), bitcoin cash (BCH), bitcoin diamond (BCD), dash, ether (ETH), litecoin (LTC), zcoin (XZC), and a few other cryptocurrencies.

“Removing International Sales Barriers”, Quick Crypto To USD Conversions

Commenting on H&M Distributors’ decision to start accepting crypto payments, Herb Needham, the firm’s founder and CEO, remarked:

After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.

H&M is also looking to take advantage of “drastically reduced transaction fees” (“less than a penny” in some cases), while reducing or “eliminating currency conversion fees” that have to be paid when using traditional payment processors. Moreover, the US-based distributor wants “freedom from chargebacks” - which can occur when using more conventional banking services.

By accepting crypto payments, H&M aims to “pass on even more savings to its customers” - as the company believes it can be cheaper to settle transactions with cryptocurrencies. As mentioned in H&M’s press release, cryptocurrencies allow for more “convenience” and “decentralization” in e-commerce. Per the giant distributor, cryptocurrency payment systems  “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”

Cryptocurrency Adoption On The Rise

As CryptoGlobe reported recently, Argentina’s public transport system has started taking bitcoin payments through its SUBE travelcards. The cards may now be topped up with BTC at various locations throughout the South American country. Passengers in 37 localities in Argentina may add bitcoin to their travelcard credit balance at all supporting stations, certain kiosks with computerized terminals, and several national lottery outlets.

Notable Bitcoin Trader and Whale Not Bullish on the Hyperinflation Narrative

Colin Muller

Highly regarded Bitfinex trader and crypto whale J0E007 is not banking on the hyperinflation narrative, which is a highly popular notion in the cryptoasset industry, implying it's a fairy tale.

Screenshot from 2020-05-26 13-23-22.png(source: Bitfinex pulse)

This narrative, exhibited for example here, proposes that the aggressive fiscal and monetary intervention on the part of many central banks around the world will eventually lead to sharp devaluations in the values of many fiat currencies—and most importantly of the U.S. dollar.

Propagation of this concept of rampant fiat inflation in the cryptoasset space is generally tied to predictions of a huge increase in the price and/or market capitalization of Bitcoin and other cryptos, although most focus on the flagship cryptocurrency.

A Little More Complicated

In his post, JOE007 linked to a recent report from Alhambra Investments, an asset management and financial research outfit.

The report details lead analyst Jeffrey Snider’s view that the dollar is not going anywhere in terms of demand, although definitely not by virtue of the competence of the U.S. Federal Reserve in handling the unfolding economic crisis lit by COVID-19.

Conceptually, first, any strong desire to hold expensive dollar liquidity buffers is drawn from serious mistrust of systemic conditions – including the central bank’s place in them. If you thought Jay Powell well prepared in advance with effective countermeasures standing at the ready, buffers of any size need not apply.

Jeffrey P. Snider

In short, Snider contends that the Fed under chair Jay Powell has not responded appropriately to the emerging crisis with “effective countermeasures at the ready”; and this bungling in turn has led to a higher international demand for US dollars in order to sit on a larger and safer cushion of “expensive dollar liquidity buffers.”

A complicated subject, to say the least. The upshot for J0E007 being that the dollar-collapsing narrative may have some big holes in it—removing the keystone of that popular Bitcoin use-case narrative.

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