WatchBox COO Says Cryptocurrency Payment Option Is Worth It

According to reports, David Kaplan, Chief Operating Officer of WatchBox, a luxury watch dealer, stated that I am not a cryptocurrency trader and I do not want cryptocurrency to appear on my balance sheet, but providing customers with cryptocurrency as a payment option is worth it. In the past two years, $10 million of WatchBox’s online sales have come from cryptocurrency transaction settlement, but this is only a small portion of WatchBox’s total sales of approximately $500 million in the past two years.

Luxury watch dealer WatchBox has $10 million in online transactions coming from cryptocurrency checkout within two years

Are luxury watch dealers embracing cryptocurrency as a mode of payment? According to David Kaplan, the Chief Operating Officer of WatchBox, it’s worth considering. In this article, we will explore WatchBox’s experience with cryptocurrency in the past two years and why, despite the reluctance to hold cryptocurrency on the balance sheet, it’s a viable option for customers.

The Cryptocurrency Journey of WatchBox

Although WatchBox sells some of the most expensive watches in the world, the company is not shy about testing new ideas, including cryptocurrency as a mode of payment. David Kaplan stated that during the past two years of operations, WatchBox has had approximately $10 million in sales settled through cryptocurrency.
WatchBox acknowledges that this is a small fraction of their total sales, which are approximately $500 million within the same period. However, Kaplan sees the $10 million as an opportunity to explore further a mode of payment that has been gaining traction in the past few years.

Cryptocurrency as a Mode of Payment

As Kaplan puts it, “the reason cryptocurrency is worth considering as a payment option is that customers want it.” In the age of digital transactions and preference for convenience, cryptocurrency is an attractive option for those who embrace it. WatchBox’s embrace of cryptocurrency is, therefore, a nod to the changing times and the need to appeal to customers who embrace digital transactions.
However, Kaplan admitted that WatchBox has not been trading in cryptocurrency and has no plans to hold it on their balance sheet. This reluctance is due to concerns about volatility and regulatory concerns associated with cryptocurrencies.

Benefits of Cryptocurrency as a Payment Option

Despite not holding cryptocurrency, WatchBox’s experience shows that offering it as an option attracts sales. Customers who prefer to use cryptocurrency often have multiple options for merchants with whom to transact. By providing them with an option to use cryptocurrency, WatchBox may attract customers who would otherwise buy from another dealer.
Additionally, WatchBox’s experience with cryptocurrency may attract new customers who embrace digital transactions. By being at the forefront of emerging technologies, WatchBox may enhance its reputation as a forward-thinking dealer.

Conclusion

WatchBox’s experience shows that cryptocurrency is an attractive option for some customers of luxury watches. Despite not holding cryptocurrency on the balance sheet, providing it as a mode of payment may attract sales from new and existing customers.
David Kaplan’s view that cryptocurrency is worth considering is based on the desire to remain competitive in the wake of emerging technologies. WatchBox’s example shows that being at the forefront of emerging technologies may pay off in the long run.

FAQs

1. Is cryptocurrency transaction settlement more expensive for WatchBox than traditional banking?
-No. According to Kaplan, the fees associated with cryptocurrency are not different from traditional transactions.
2. What cryptocurrency options does WatchBox offer to customers?
-They do not specify the exact options but imply that they offer more than one.
3. Does WatchBox plan to hold cryptocurrency on its balance sheet in the future?
-No. WatchBox has no plans to hold cryptocurrency on the balance sheet due to volatility and regulatory concerns.