Luxury Jewelry Brand SFL Maven to Accept Bitcoin Payments, Hold BTC in Reserve.
Cryptocurrencies are becoming wildly popular with merchants dealing in luxury goods. Luxury Jewelry Brand SFL Maven is the latest in this category to accept Bitcoin payment for “purchases of high-end vintage jewelry items.“ according to a press release.
Bitcoin payments will be accepted both in the real world and in the metaverse. The SFL Maven is also adding Bitcoin to its diversified portfolio, saying that they believe in the future of Bitcoin and digital payments and that “fiat currency systems represent a risk to the productivity of assets on the balance sheet because they are subject to monetary expansion, stimulus, and debt, which could continue to drag down value,”
“We are excited to begin accepting Bitcoin as a valid form of payment, especially as we establish our new metaverse presence and sales of digital goods, creating an avenue for an expanding relationship with a massive new tech-savvy end market,” Joseph Ladin, CEO of SFLMaven commented.
Establishing a metaverse presence
SFLMaven is taking its business online to the virtual world of the metaverse in order to introduce the sales of digital goods. With its “metaverse strategy,” the company hopes to augment sales in 2022, hence the need for diversified payment options such as cryptocurrencies.
Already, the company sees a massive inflow of cash in the 2022 operations due to increasing demand and “record participation in SFLMaven vintage jewelry auctions.” This presents the perfect opportunity to introduce Bitcoin, a digital currency popular with retail and institutional investors.
“…we have begun to diversify the Company’s exposure on the cash side with periodic investments in Bitcoin. We will also augment this step by transitioning to allow purchases in BTC as we continually work to widen our access to viable end-market customers interested in our unique products,” Ladin said.
Rising demand for Bitcoin
Bitcoin is the largest cryptocurrency by market cap and also the most popular by far. Considered to be digital gold, there is a rapidly increasing interest in the asset from investors that have pushed its value to unprecedented levels.
As the digital currency is deflationary, it presents a better option as a reserve currency compared to the inflationary U.S Dollar. SFL Maven’s interest in the asset doesn’t come as a surprise when every major business wants Bitcoin on its balance sheet.
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