Overstock continues cryptocurrencies commitment
Online retailer, Overstock, has a reputation for being bullish on blockchain technology. In 2014, it laid claim to being the first major retailer to accept Bitcoin and in 2016 issued the world’s first blockchain stock with its Series A Preferred offering on the t0 platform. And it has now announced an integration with instant digital asset exchange, ShapeShift, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock.
During checkout, customers will select their preferred cryptocurrency and submit the order before being prompted to transfer the coins. Overstock will then utilise ShapeShift to convert the cryptocurrencies to Bitcoin. Refunds from a cryptocurrency purchase will also be made in Bitcoin, although customers can exchange those to their preferred cryptocurrency through ShapeShift.
“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,” says 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.”
“Overstock’s long history with Bitcoin and blockchain technology demonstrates their commitment to innovation,” adds 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.”