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The Newegg hardware retailer started accepting Bitcoin payments in Canada.
Newegg – which has about 36 million customers and was one of the first well-known companies to accept cryptocurrency payments – made this announcement on Tuesday, explaining that Bitcoin payments represented a “small but growing flow of money” transactions. The retailer also wanted to make this feature available to Canadian customers.
“In 2014, Newegg was among the first major companies to offer customers a bitcoin payment option,” said Danny Lee, CEO of Newegg. “Since then, the value of bitcoin has exploded and customers holding Bitcoin have considerably more buying power.We believe the time has come to expand our acceptance of bitcoin to our customers in Canada.”
Like most merchants, Newegg does not accept cryptocurrency directly. Instead, it uses BitPay, a third-party payment processor, which for a small fee converts coins into cash at the point of sale.
BitPay will continue to serve as Newegg’s Bitcoin payment processor as it expands this functionality in Canada.
“Newegg was one of the first to adopt bitcoin for e-commerce, and this 2014 Act of Faith allowed Newegg to be a friendly place for technology enthusiasts “, said the CEO of BitPay. co-founder Stephen Pair. “We are seeing a lot of interest in Canada, and we are pleased to see Newegg extend its bitcoin payment option north of the border.”
The distributor’s announcement is good news for cryptocurrency enthusiasts, as rising transaction fees have prompted several traders to close Bitcoin in recent months (fees have since dropped to more reasonable levels). ).
The payment processor Stripe recently announced that it would begin phasing out Bitcoin payments, although it could provide additional support to Stellar (to whom it was providing seed money) or to other cryptocurrency projects.
More recently, Reddit – which began accepting Bitcoin for its premium subscriptions when the price of BTC was less than $ 25 – removed the payment option last week. A Reddit administrator canceled the removal of the option until the redesign of Coinbase’s merchant services, but stated that the company had not yet decided whether it would reactivate Bitcoin payments when the new platform is online.
Image from Shutterstock to photo
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