Online retail giant Overstock.com, Inc. has announced its integration with leading digital currency exchange ShapeShift to allow customers to use cryptocurrencies for online purchases on its platform.
With this integration, customers can use Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash to buy online from Overstock’s selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more. Overstock has become the first major retailer to accept multiple cryptocurrencies as payment.
“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,” said company CEO and founder Patrick M. Byrne. “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 allows users to easily convert digital currencies between different coin types within seconds, all without any account setup or personal data required. The funds are sent to a specific address, with the blockchain record of the transaction acting as both the order and the receipt. In addition to bitcoin, it supports a number of growing digital assets and has recently added support for Bitcoin Cash (BCH), the new cryptocurrency resulting from the recent bitcoin hard fork, allowing Overstock customers to complete their purchases via BCH.
Just as with any digital wallet transaction, customers would be able to select their preferred cryptocurrency during checkout and submit the order before being prompted to transfer the coins. Then using ShapeShift, Overstock will convert the cryptocurrencies to bitcoin. Refunds from a cryptocurrency purchase will also be made in bitcoin, however customers can easily exchange those to their preferred cryptocurrency through ShapeShift, the release said.
“Overstock’s long history with bitcoin and blockchain technology demonstrates their commitment to innovation,” said ShapeShift CEO Erik Voorhees. “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.”
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