For now, The Rug Republic is using WazirX and Binance platforms for peer-to-peer transfer of crypto. It plans to develop an in-house payment system specifically for cryptocurrencies
Following in the footsteps of major global brands such as Paypal and Xbox, homegrown decor brand, The Rug Republic, has started accepting all major cryptocurrencies for their orders within India.
The Rug Republic, a sustainable floor fashion with a presence in over 90 countries, will only accept the top 20 cryptocurrencies in terms of market capitalization as payments for its handmade Indian rugs, poufs and accessories.
While Indian professionals such as software developers and content creators have been accepting cryptocurrencies as a medium of payment for their work from global companies for some time, The Rug Republic’s move is rare for an Indian company.
Buyers looking to make payments in crypto on The Rug Republic have to contact the company through a link provided on its website. For now, The Rug Republic is using WazirX and Binance platforms for peer-to-peer transfer of crypto. However, it plans to develop an in-house payment system specifically for cryptocurrencies.
To keep a proper trail of these sales, the company’s invoices would mention mode of payment, like the name of the cryptocurrency, the date and the price.
Driven by the breakneck rise in prices of cryptocurrencies, India has become one of the top players globally in the crypto market with over one crore users and more than $1 billion invested in these digital assets.
On the announcement, Raghav Gupta, director, The Rug Republic, said: “The blockchain is a great piece of technology that will undoubtedly change the face of transactions as we know them. A new age where middlemen can be cut out and benefits can be reaped by all instead of a select few. I believe as entrepreneurs it is not only in our best interest but also our duty to adopt new tech that can solve very key issues in our current ways."
Gupta, who himself is a crypto enthusiast, bought his first cryptocurrency --ether -- in 2016. He has also invested in tokens of India’s crypto start-up Polygon, which trades with a ticker symbol of MATIC.
According to Gupta, he doesn’t intend to convert the crypto received as payment to a fiat currency, though, he might look at some strategic sale as and when prices see a big jump.
“Cryptocurrencies are a more sustainable and advantageous future than fiat money can even dream of being," he said.
Despite the uncertainties encircling cryptos, many corporates and startups in India have been embracing this new asset class for transactions. Notably, El- Salvador has become the first country to legalize the acceptance of cryptocurrencies.
According to WazirX, it offers single-user account for all users and doesn't currently offer any special account type as business account.
“An entity can create an account on our platform after completing the mandatory KYC process. The peer-to peer (P2P) system available on our platform is primarily created to facilitate a commonplace for buyers and sellers to come and explore matching orders based on their requirement and we currently support only one crypto; i.e USDT/INR pair on P2P marketplace. In the context of businesses accepting crypto, using a P2P platform doesn't necessarily add any value to it. If you want to buy anything from an e-commerce platform with crypto, for example for 1 bitcoin for a rug, buyers can transfer it directly from their wallet to the wallet of merchants. The only benefit a user has on P2P marketplace is security of assets and minimal risk of fraud," said Shashi Jha, head of compliance and Legal, WazirX.
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