California-based online computer hardware retailer Newegg on Wednesday announced the extension of its Bitcoin payment option to Canada.
Newegg was one of the early adopters of Bitcoin, offering its US customers the digital currency payment option since August 2014. The platform has roughly 36 million customers, mostly in North America, and is optimistic regarding the new-age cryptocurrency payment system.
“In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option,” Newegg’s CEO Danny Lee said.
In late 2017, as Bitcoin’s volatile value and ballooning transaction fees drove most other retailers, including the online gaming platform Steam, away, Newegg held its ground.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
“Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada,” he added.
As cryptocurrency payment processor, Newegg will maintain its partnership with BitPay as the service is already managing the retailer’s Bitcoin transactions in the USA.
“Newegg was an early e-commerce adopter of bitcoin, and that leap of faith the company took in 2014 put Newegg on the map as a bitcoin-friendly place for tech enthusiasts to shop,” said BitPay CEO and co-founder Stephen Pair.
“We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.”
Many online giants recently parted ways with Bitcoin. Payment processing giant Stripe recently announced its plans of removing Bitcoin payments beginning next month, following which, Reddit, host of some of the major cryptocurrency communities, quietly removed its Bitcoin payment option from the platform.