This transport company accepts 31 types of cryptocurrency payment

January 25, 2018

Ori Levy

Head of Business Development

It’s becoming more common for people to purchase goods and services across the globe with cryptocurrency, with brands of all shapes and sizes across numerous industries accepting Bitcoin and other digital currencies during transactions.

Recently, logistics company Teahouse Transport has announced that it now accepts 31 cryptocurrency payment types when people decide to use its services, including Bitcoin, Litecoin, Ethereum and many others.

Their reasoning for accepting cryptocurrency is pretty logical, with the company stating on its website ‘No one knows which currency will prevail and take over the entire planet. Facebook was just another social network attempt in the beginning. Google was once the 22nd search engine. But who remembers the twenty-one search engines that came before it?’.

The 31 types they have chosen are currently the most used ones when people make a cryptocurrency payment at Teahouse Transport. With that in mind the question needs to be asked; why aren’t more logistics companies following suit?

Teahouse Transport sees the value of using cryptocurrency

It’s interesting to see logistics companies like Teahouse Transport backing cryptocurrency where others may not, and shows that it’s a company that’s willing to align with the wants and needs of its customers who are using digital currencies in their daily lives. A company like Amazon on the other hand still doesn’t accept Bitcoin, so Teahouse Transport should be celebrated for forward-thinking on its part.

While Teahouse Transport plays its part by offering cryptocurrency solutions at point-of-sale, others in the logistics industry instead are turning to digital currencies to try and disrupt the overall market. The ShipChain project for instance is using blockchain technology to try and change the logistics and shipping market, it says, and is currently up for public sale.

ShipChain, its creators say, is designed to address the market’s more serious concerns through a unified platform such as bottlenecks and interaction deficiencies on an industry-wide level through an Ethereum smart contract.

At the same time Local World Forwarders (LWF) has said that it’s creating a platform based on the blockchain in a bid to decentralise the global logistics market which is expected to be worth $15.5 trillion by 2023.

Listen to what your customers say about cryptocurrencies

Interesting propositions, but Teahouse Transport’s movements are more exciting to us. Their adoption of digital currencies as a payment method offers social proof that more and more companies across niche industries are listening to their customers and bringing their services up to date not only to align with them, but to show that they listen to their customers in a move to keep them as long-term customers.

There’s nothing stopping your company either from doing something similar right now. Working with an experienced digital currency consultancy can help you to reach out to your customers and markets as a whole more easily, to identify the cryptocurrencies they’re using and accept them as payment yourselves. A specialist can also help you to become better acquainted with the digital currency market and learn more about the rules and regulations within it.

If you’d like to offer digital currencies as a form of payment for your business and aren’t sure how, contact Fibonatix today to speak with our consultants and find out more.