Digitec Galaxus, Switzerland’s largest online retailer which operates much like Amazon, now allows its customers to pay with Bitcoin (BTC) and other cryptocurrencies, according to a press release published on March 19.
In addition to Bitcoin, the online retail giant will accept a variety of altcoins for purchasing around 2.7 million different products ranging from clothes, electronics, furniture, knick-knacks, and much more. All payments in crypto must amount to 200 Swiss francs (about $200 USD) or more.
The now supported altcoins include Bitcoin Cash (BCH), Bitcoin Cash SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), TRON (TRX), OmiseGo (OMG), and NEO (NEO).
Per the press release, Oliver Herren, co-founder and chief innovation officer at Digitec, believes cryptocurrencies have the potential to be a standard means of payment for online purchases, and Galaxus wants to be at the forefront of this revolution.
He said in a statement:
“Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development… We wanted to do that for a long time, but the effort was too long for a long time.”
Herren thinks people will be open to trying this new alternative method of payment, as it is new and exciting and, more importantly, allows Bitcoin and crypto holders to actually use their crypto for its intended use.
In response to a question of why would people pay with Bitcoin, Herren responded:
“Because you have some and you want to use them? Or because you cannot turn them into real money because your bank does not accept the money? Just because you can do it? Or because you like to try new things?”
While the company has wanted to integrate cryptocurrencies for quite some time and appears to support the movement, they admit the primary reason for accepting Bitcoin and other cryptocurrencies is to attract a younger, technology-savvy clientele and present themselves as progressive.
Since Galaxus is the largest online Swiss retailer, the company is setting a precedent for others in the industry who are likely to follow suit. Competitors will not want to miss out on the new trend catering to cryptocurrency enthusiasts and young, tech-savvy individuals.
This is especially true for companies and online retailers within Switzerland, as the country is quickly becoming known as a Bitcoin, blockchain, and crypto-friendly nation.
There are numerous large cryptocurrency events held in Switzerland, and SIX, the country’s largest stock exchange, has rolled out numerous cryptocurrency-tied products such as a Bitcoin ETP, Ethereum ETP, XRP ETP, and a crypto ETP.
Switzerland is home to a multitude of crypto startups, and residents can even buy train tickets for the country’s federal railway system with Bitcoin (BTC).
Therefore, it is very likely that other Swiss companies, both online and off, will start accepting crypto soon.
Do you think it’s only a matter of time before other online retail giants accept Bitcoin and other cryptos? Have you ever purchased something online with crypto? Let us know in the comment section below.
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