The official retail store for Chinese multinational electronics company, Xiaomi, Mi Store Portugal revealed that it will start accepting crypto payments.
According to a recent report, Mi Store Portugal disclosed that customers can now purchase all Xiaomi products with five different cryptocurrencies.
As per the announcement, this initiative will foster inclusion as customers now have the ability to spend their crypto assets buying their favorite gadgets on the platform.
The Xiaomi retailer has partnered with the European blockchain payment processing platform, Utrust, to provide support for the five cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Tether (USDT), and the Utrust native token (UTK).
Mi Store Portugal noted that it has already added a crypto payment option that users can utilize during the checkout process on its official website.
Xiaomi Denies Any Involvement
While this recent development represents a big win for the crypto industry, considering that Xiaomi is currently the second-largest mobile phone manufacturer after Samsung, the company noted that the decision to accept crypto payments is limited to its Portuguese store.
A spokesman for the company said today that Mi Store Portugal, which is the only official retailer of Xiaomi products in the country, operates individually of Xiaomi Inc and it is not remotely involved in the decision-making process.
Nonetheless, crypto enthusiasts are optimistic that this move is a step in the right direction.
In a comment, Mi Store Portugal’s marketing director, Pedro Maia, pointed out that the company’s decision to accept crypto is a great way to live up to its motto “Innovation for everyone”.
He added,
We are a technological, innovative, and disruptive brand. That’s why we always want to be one step ahead. We want to give the possibility to all true technology fans to buy their favorite gadgets with what is currently the ‘most technological money.
Crypto adoption has soared in recent months as several institutional investors have ventured into the space. According to a recent study, this increasing rate of adoption owes largely to the rise of meme coins such as Dogecoin and Shiba Inu.
