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Yesterday, the Heritage Distillation Holdings (NASDAQ: CASK), a leading U.S. craft spirit producer, announced that it will begin accepting Bitcoin as payment through its direct to consumer (DTC) e-commerce platform and will take Bitcoin as a strategic asset under the newly approved Cryptocerrency Irrencury Irverrency Reserve Policy.
The policy was approved by the company’s board of directors and as part of a broader sales and treasury diversification strategy, developed by the Technology and Cryptocurrency Committee and chaired by Matt Swann, head of technology and digital payments. The move makes Heritage the first in the field of craft spirit to formally integrate Bitcoin into its payments and finance operations.
“A new era of business is emerging, and cryptocurrencies are triggering a path to reduce friction between the sellers of goods and services between parties, buyers and sellers,” Matt Swann said on behalf of the board. “For nearly two decades, it has been immersed in the convergence of technology and currency, and it’s exciting that Heritage Forge is first caught in the opportunity to combine the power of consumers and cryptocurrencies.”
As public interest in digital assets grew rapidly, Heritage’s decision emerged. The company said it is estimated that 650 to 86 million Americans currently own Bitcoin and cryptocurrencies and realized that the estate must obtain more BTC by accepting payments.
“Herbs have always been an innovator and when we are ready to accept Bitcoin and Dogecoin as a form of payment for online e-commerce sales, we are once again leading the space for arts and crafts and acquire and use these cryptocurrencies as assets,” said CEO of Heritage Justin Stiefel. “As I have pointed out in the past, unlike traditional investors, they buy cryptocurrencies in cash and are immediately subject to potential pricing volatility because companies produce goods for sale, the acceptable margin between the retail price of our products and their production costs will offset the potential volatility of the payment value we accept. We provide us with a huge financial alternative and provide us with alternative products and products.
The company sees Bitcoin as a long-term strategic asset, and is a forward-looking step in establishing connections with modern consumers, while also exploring new efficiencies in financial business. Legacy not only integrates Bitcoin as a payment method, but also incorporates it into its treasury strategy.
The new cryptocurrency policy can be found here.