LQR House Inc., a niche e-commerce platform specializing in the spirits and beverage industry, has announced that its Board of Directors has approved purchasing up to $1 million in Bitcoin (BTC) as part of its treasury management plan.
The platform aims to establish itself as a leading wine and spirits e-commerce player, mainly through its flagship marketplace, cwspirits.com. The company offers a wide selection of emerging, premium, and luxury spirits, wines, and champagnes from respected retail partners like Country Wine & Spirits.
LQR House Dives Into Digital Asset
The company will also enable crypto transactions on CWSpirits.com, allowing customers to buy alcohol with digital currencies. In conjunction with this move, LQR House has implemented a policy to hold up to $10 million of these crypto payments in BTC, demonstrating the firm’s belief in digital assets’ long-term value and potential.
Commenting on the latest move, Sean Dollinger, CEO of LQR House, said:
“As Bitcoin continues to gain traction as an accepted asset class, we see a unique opportunity to strengthen our treasury with an innovative investment, in our opinion, Bitcoin’s inherent scarcity and finite supply position it as a modern hedge against inflation and a safe haven in times of economic uncertainty.”
The firm noted that it believes that the crypto asset aligns with its forward-thinking strategy and complements its mission to drive innovation across all aspects of its business.
LQR House functions as a technology-driven hub, utilizing software, data analytics, and artificial intelligence to elevate the consumer experience.
BTC as Part of LQR House’s Strategy
While Bitcoin will now be integrated into LQR House’s strategy, the company remains dedicated to its core operations. The firm’s commitment includes carrying out the previously outlined cost-reduction measures to improve profitability and working closely with its new board members to establish and execute the most efficient strategies for long-term growth.
According to LQR House Inc., the platform will closely track its Bitcoin assets to ensure they align with market trends and the company’s liquidity requirements.
