Luxury watch Jacob & Co. accepts cryptocurrency as payment
The New York City-based company Jacob & Co., a privately held jewelry and wristwatch retailer has become the first luxury watch and jewelry brand to accept cryptocurrency as payment.
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According to the press release on Instagram, Jacob & Co says it has partnered with crypto exchange CEX.IO, to provide the platform to accept purchases using Bitcoin, Ethereum, and other verifiable digital currencies for Jacob & Co.’s bold and innovative offerings, such as the Astronomia and Twin Turbo Furious timepieces and high jewels with exceptional gems and craftsmanship.
“Jacob & Co is known to be innovative using new technology to create never before seen timepieces and jewelry. Crypto adoption is inevitable, and the technology behind it can’t be ignored. We felt it was the right time to support innovative technology that will soon be used globally across multiple different sectors,” Benjamin Arabov, CEO of Jacob & Co said.
“Jacob & Co. certainly stands out as a premium brand with passion for creativity and finding solutions priorly deemed impossible. It combines immense precision in its craft, continuous innovation, and bold choices in its design. This approach is close to our hearts at CEX.IO. We work in technology which has little room for mistakes. At the same time, we innovate on the very exciting frontier of finance which demands out-of-the-box thinking.” Konstantin Anissimov, executive director of CEX.IO, says. “There is a huge and growing community of people who use crypto and even earn their primary income in crypto. This offers a large audience for e-commerce companies. It is only logical that cryptocurrency is and will be expanding more into consumer retail. Accepting crypto as a payment can help expand market share for retailers and facilitate the transformation of the ecommerce at large.”
Headquarters in Manhattan, New York City, Jacob & Co founded in 1986 by diamond designer Jacob Arabo.
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