The Rug Republic, an eco-friendly decor brand, has started accepting crypto payments for its order in India.
The Rug Republic has expanded its business in over 90 international locations. The company has announced to accept crypto payments as a fee for its handmade Indian rugs, poufs and equipment.
Presently, many of the Indian citizens, who are working for international firms, have started accepting their payments in cryptocurrencies, however, The Rug Republic’s decision of accepting the highest 20 cryptocurrencies as a payment, appeared to be very different for the Indian firms.
For now, The Rogue Republic is using the WazirX and Binance exchanges for accepting the payment. The buyers can get the hyperlink to that, from a contact section on the website. The company states that very soon it will introduce an in-house payment system for accepting crypto payments from its buyers.
As per the report, India is now considered to be one of the most important players in the global crypto market. Soon after the Supreme Court revoked the blanket ban imposed by the Reserve Bank of India in 2018, the country experienced a surge in crypto investors. Currently, over 10 million users in India invest in cryptocurrencies and the total investment made by the citizens in cryptocurrency is more than $1 billion.
Raghav Gupta, Director of The Rug Republic, recently, while making an announcement, said, “Blockchain is a good piece of know-how that can undoubtedly change the face of transactions as we all know them. In a brand new period, the place middlemen will be reduced out and a choose few Everyone can get profit as a substitute of individuals. I imagine that as entrepreneurs it isn’t solely in our greatest curiosity but in addition, it’s our responsibility to undertake new know-how which may clear up essential points with our present strategies.”
Gupta, himself is a crypto-enthusiast, the first cryptocurrency he purchased in 2016, was Ether. Apart from that, he has also invested in India-based crypto startup Polygon.
The Rug Republic’s director has also clarified that he would not convert the crypto payments into fiat currency, however, he would regularly be keeping eye on the market value of the digital assets.
Gupta believes that compared to fiat currencies, cryptos have a more sustainable and worthwhile future.