Reeds Jewelers To Take Bitcoins As Payment

The jeweler claimed it is the first retailer of fine jewelry to accept the virtual currency.

US jewelry retailer Reeds Jewelers says it will start accepting bitcoins as payment at its 64 stores and on its website.

Reeds said it will also allow customers to buy gold ingots and GIA-certified diamonds with bitcoins.

In order to make purchases with bitcoin, customers must have a bitcoin wallet. The retailer said it will accept bitcoin payments at all of its physical locations using digital tablets.

Reeds’ CEO and President Alan Zimmer described the development as “a natural evolution.”

Reeds has set up a bitcoin information section on its website, with information about how customers can make purchases with bitcoins.

Processing bitcoin purchases and sales is much less expensive for businesses than using credit cards, and that could lead to a rise in the popularity of the digital currency.