DENVER — A Colorado-based construction company announced Thursday it is accepting cryptocurrency as a way for customers to purchase its products and services.
Armstrong Steel Buildings in Denver said it has become the first construction company in the United States to employ cryptocurrency as a means to conduct business and facilitate monetary transactions.
“Our decision to accept cryptocurrency was made partly because we are able to provide customers an opportunity to make large dollar transactions with miniscule transaction costs compared to credit card companies and partly because we believe that electronic currency has a future,” said Ethan Chumley, founder and CEO of Armstrong Steel Buildings.
The construction firm described cryptocurrency as a “decentralized digital medium of exchange,” that uses cryptography for heighten security and it not governed by a central authority.
Through this system, Armstrong Steel Buildings said the market value of goods will be “based on volume and demand rather than traditional metal-based currencies or currencies which are controlled by national governments.”
The company said it is currently accepting two forms of cryptocurrency, Bitcoin and Dogecoin, but it will soon add more forms as the virtual medium grows in popularity.