SFLMaven To Accept Bitcoin As Payment, Add BTC To Balance Sheet
Luxury jewelry reseller SFLMaven announced they plan to accept bitcoin as payment and have added BTC as a line item on their balance sheet.
- SFLMaven, a premier distributor of luxury goods, has announced a balance sheet allocation to bitcoin and intention to accept BTC as payment.
- The company started purchases of BTC, noting they added a line item for it on the balance sheet and will continue “periodic investments.”
- SFLMaven said record breaking cash flows and increased web traffic through 2022 allowed them to strengthen diversification in bitcoin.
SFLMaven, a premier provider of luxury goods, will begin accepting bitcoin as payment for product purchases and intends to strengthen its reserves with BTC, according to a press release.
The press release states that SFL Maven has already begun the process of diversifying into bitcoin as a line item on its balance sheet.
“We believe in the future of Bitcoin and digital payment systems and that fiat currency systems represent a risk to the productivity of assets on the balance sheet because they are subject to monetary expansion, stimulus, and debt, which could continue to drag down value,” said Joseph Ladin, CEO of SFLMaven.
The company’s diversification strategy is being implemented, but the process of allowing purchases through bitcoin is still being worked out. Ladin explains the company’s hopes of allowing these purchases while commenting on their intention to continue allocation into BTC.
“As such, we have begun to diversify the Company’s exposure on the cash side with periodic investments in Bitcoin,” Ladin said. “We will also augment this step by transitioning to allow purchases in BTC as we continually work to widen our access to viable end-market customers interested in our unique products.”
SFLMaven has experienced unprecedented increases in cash flow over the course of 2022, per the release. The company has also seen a slight change of consumer base as it took notice of more tech-savvy customers looking for a different experience, which ultimately led the company to seek the integration of alternative forms of payment.
