Bitcoin Payments Trial By Japanese Electronics Retail Giant Yamada Denkibr>
Yamada Denki operates consumer electronics mass sales stores throughout Japan. The company sells home appliances, audio & visual systems, office automation equipment, telecommunication equipment, software, and computers. The company also provides repair services for its merchandise.
Founded in 2014, bitFlyer is Japan’s largest bitcoin exchange by trading volume and one of the largest in the world. It supports multiple digital currency trading pairs, including ether and Bitcoin Cash. It is the first bitcoin exchange to be regulated in Japan, the US, and Europe.
Through the partnership, Yamada Denki said it will implement initiatives to improve bitcoin recognition and usage promotion.
For the initial trial run of the bitcoin payment service, Yamada Denki has chosen two stores in Tokyo for their strategic importance. One of the stores is based in Shinjuku, an area of Tokyo that attracts large numbers of foreign visitors. The other store is adjacent to Tokyo’s main business district. The stores started to accept bitcoin on January 27.
There will be a 300,000 yen ($2,760 USD) payment limit, but the first 500 customers to come with a bitFlyer wallet will receive 500 yen ($4.5 USD) free to play around with.
“With the introduction of bitcoin payment service, we respond to the diverse needs of our customers both in Japan and overseas,” Yamada Denki said in a statement. “We believe that we can provide improved service and convenience.”
Yamada Denki is not the first Japanese electronics retailer to accept bitcoin as payment. In April of last year, Bic Camera partnered with bitFlyer to trial bitcoin payments, following the government’s recognition of the cryptocurrency. After three months, the firm started to accept bitcoin at all of its 40 stores nationwide.