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Mexican retailer Grupo Elektra now accepts Bitcoin

Bitcoin is accepted in both of Elektra’s physical stores and online.

Image by PIRO4D from Pixabay

Sun, 19 Dec 2021, 11:16 am UTC

Adoption for cryptos continues to surge worldwide as more establishments start accepting Bitcoin (BTC), Ether (ETH), and other digital currencies as payment. Mexico’s Grupo Electra, one of Latin America’s leading retailers, has joined the trend and is now accepting BTC for payments.

Mexico’s Grupo Elektra, a leading retailer in Latin America, is accepting bitcoin for payments. The chain belongs to conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, the pro-bitcoin Ricardo Salinas Pliego.

The company’s decision to accept BTC was confirmed by Ricardo Salinas Pliego, Mexico’s third-richest billionaire, and known Bitcoin supporter, according to Bitcoin.com. “The rumors are true,” the billionaire said in a tweet. “Elektra is the first (retail) store in Mexico that allows you to buy with bitcoin. I’m very sorry to beat the competition again.”

To encourage using Bitcoin, the retail chain is giving a 20 percent discount on some purchases paid for with BTC. The billionaire confirmed that the discount will only be available until December 31, 2021.

Bitcoin is accepted in both of Elektra’s physical stores and online. The BTC payments will be processed by Bitpay, a crypto payment service provider based in the U.S.

It’s not surprising for Elektra to be among the first Mexican firms to embrace crypto payments. After all, the retail chain belongs to the conglomerate Grupo Salinas, which is owned by the billionaire and Bitcoin proponent Ricardo Salinas Pliego.

“I recommend the use of bitcoin,” the billionaire said in June. He added that he and his bank, Banco Azteca, “are working to be the first bank in Mexico to accept bitcoin.”

Aside from Mexico, Banco Azteca also operates in Guatemala, Honduras, Panama, and Peru. It also maintains a presence in El Salvador, which made headlines earlier as the first country to make Bitcoin legal tender.

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