Overstock.com is now accepting 40 different cryptocurrencies, making it the first major retailer to do so, the company has announced.
No longer is the service “limited” to Bitcoin crypto payments — other tokens such as Ethereum, Litecoin, Dash, Monero, as well as the new Bitcoin Cash, are all accepted on the site — which BTW offers nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more.
This new important feature, at least for the blockchain tech fans, is made possible thanks to Overstock’s partnership with instant digital asset exchange ShapeShift. Said service enables easy conversion between different coin types in a matter of seconds, all without any account setup or personal data required. Instead, the funds are sent to a specific address, with the blockchain record of the transaction acting as both the order and the receipt.
During the checkout process at Overstock.com, customers will select their preferred cryptocurrency and submit the order before being prompted to transfer the coins. That’s where ShapeShift kicks in to convert the cryptocurrencies to bitcoin that are then sent to Overstock. Bitcoins are also used for any potential refunds.
“Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins. For that reason, we have been an early proponent and adopter of cryptocurrencies,” the company’s CEO and founder Patrick M. Byrne said in a statement. “ShapeShift has provided an elegant way for users of any digital currency to transact seamlessly and privately across chains, and we’re excited to harness that ability to the benefit of our customers.”
ShapeShift’s CEO Erik Voorhees is also pleased with the deal. “The ShapeShift team could not be more excited for this partnership and are pleased our technology will be helping the next generation of Overstock customers,” he said.
During this year, the number of transactable digital currencies grew to over 1000, according to Coinmarketcap.com. While Bitcoin is still dominating the landscape, it now represents just under 50% of the market, down from nearly 80% a year ago.
Overstock was also the first major retailer to accept bitcoin in early 2014 and issued the world’s first blockchain stock with its Series A Preferred offering in late 2016 on the t0 platform.