Online retail giant Overstock has partnered with blockchain startup ShapeShift to accept more than 60 cryptocurrencies as payment at its online stores.
With the announcement, Overstock.com shoppers can now use ether, litecoin, dash and bitcoin cash at checkout, a move that follows Overstock’s early embrace of bitcoin as a payment method. Overstock first began accepting bitcoin for payment in 2014, and it has remained active in developing the technology, even launching a dedicated subsidiary to focus on applications.
In statements, Overstock CEO Patrick Byrne sought to portray the decision as one that gives its customers greater freedoms outside of the traditional financial system.
“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.”
The move further comes at a time of broader diversification in the cryptocurrency market, which has seen bitcoin’s share of the total asset class slip below 50%.
As such, Overstock framed the move as one that keeps it in line with new developments in the blockchain market. But whether the company believes this trend will continue remains unclear.
Notably, Overstock said it intends to convert the cryptocurrency it receives to bitcoin, as well as issue refunds using the protocol.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShapeShift.
Overstock image via CoinDesk Archives
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored or guest posts, articles and PRs are NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise