The UK cosmetic high street shop, that has seen rapid growth with stores across the globe, has seen it fit to move with the times by adopting Bitcoin, the most popular cryptocurrency, as a form of payment for its online store.
Joining the big boys
The idea is to allow for more global payment to be made on their UK online store through the use of this decentralized currency.
Because Bitcoin is not tied to any other fiat currency, it is unaffected by the global foreign exchange fluctuations, meaning that customers from all over the world all pay the same for a product.
Leveling the playing field
Finance Manager Mike West explains:
“Accepting Bitcoin is very exciting for Lush. With Bitcoin, customers from all around the world will pay the same for our products, free from volatile currency fluctuations and lofty bank charges. Cryptocurrencies are the future of global trade and we want to ensure that we are prepared to move into this new digital era.”
Lush is hoping to explore more possibilities with Bitcoin, beyond simply offering the digital currency as a payment option. The company hopes that the use of a global decentralized currency will open the doors to a global market, global suppliers and even charity groups based in rural areas across the globe.
Doing their Bitcoin
Lush believes that the global payment system will allow them to get more involved in charity work where banking regulations and cross border transaction would usually hinder progress.
The transparent nature of its transactions, as well as the unlimited nature of its reach, means that the company can utilize the digital currency for more projects beyond simple sales.
This is only the beginning for the cosmetics company as they admit there is more to digital currencies than just the tokens. Lush sees this acceptance as the first steps in delving into Blockchain technology in order to provide: “an ethical viewpoint on its possibilities.”