Overstock.com, Inc.(NASDAQ:OSTK) has announced an integration with instant digital asset exchange ShapeShift that allows customers to use more major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, 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.”
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“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.”
During checkout, Overstock customers will select their preferred cryptocurrency and submit the order before being prompted to transfer the coins, just as they would with any other digital wallet transaction. Overstock will then utilize ShapeShift to 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.
Accepting Bitcoin since early 2014, Overstock made history in late 2016 with the first public blockchain shares offering.