- March 19, 2019
- Posted by: giancarlo
- Category: News
Digitec Galaxus, the largest online retailer in Switzerland, has announced that it is now accepting cryptocurrencies as a means of payment at its two stores. The company revealed that customers can now pay for their goods using ten cryptocurrencies including the major cryptos of Bitcoin, Bitcoin Cash, Ripple, Ethereum, and Binance coin. One of the stores focuses on the sale of everyday provisions while the other sells consumer electronics.
Digitec Galaxus now accepts ten cryptos
The Swiss-based online retail giant, Digitec Galaxus AG, announced earlier today that it had integrated ten cryptocurrencies to its platforms and users can now pay for goods using the digital currencies. BTC, BCH, BSV, BNB, ETH, LTC, NEO, OMG, TRX, and XRP would be accepted as a means of payment on their two online stores, Digitec and Galaxus.
Claudio Schaad, the head of Team Spectre, one of the engineering teams in the company, explained in a blog post that they have been considering cryptocurrencies for some time now. He added that instead of creating their own wallet or crypto, the company decided to work with Coinify to help with cryptocurrency integration.
“In simpler terms: while shopping, if your purchase price exceeds 200 francs, you have the option to pay with cryptocurrencies. What arrives on Digitech’s end are Swiss francs,” Schaad explained.
Digitec mostly sells products related to IT, consumer electronics and telecommunications, while Galaxus, considered to be the largest online departmental store in the country, offers users a broad range of everyday products. The two stores form Digitec Galaxus AG, the website explained.
Oliver Herren, co-founder, and CIO of Digitec Galaxus, while commenting on this latest development stated that the company now has roughly 2.7 million products for sale on both stores, ranging from unique products such as shoehorns, wheat beer to regular goods such as gaming PCs. He admitted that cryptos are fascinating and could become a useful means of payment in the e-commerce sector, which is why the company wants to support their development.
According to the blog post, the crypto payment option was developed as part of a project in partnership with Swiss e-payment company Datatrans AG which currently works with Coinify, a Danish cryptocurrency payment service provider.
Customers shopping on the two platforms would have the option to choose to pay with digital currencies at checkout. If they want the crypto payment option, the customers would be redirected to Coinify’s page which will display the amount to be paid in BTC or the other cryptocurrencies. Once that is complete, prices are locked in for 15 minutes, and payment should be made within that period.
For customers choosing to pay with other cryptos aside BTC, it is advisable to provide wallet addresses so that funds can be reversed should an error occur during the process. The company further warns that there could be a processing delay when payments are carried out using the other cryptos.
The blog post explained that the payment confirmation by Coinify usually occurs within a few minutes. Coinify will charge users a conversion fee of 1.5 percent of the purchase amount while Digitec Galaxus could charge a small transaction fee depending on the cryptocurrency and also how fast transactions take place on the network.
Switzerland becoming Europe’s hub for cryptocurrency
Switzerland is fast becoming the number one destination for crypto and blockchain businesses in Europe. It has one of the most crypto-friendly regulations in the world and continues to attract significant companies in the space, with wallet and cold storage service provider, Xapo recently moving its operations to Switzerland.
The Swiss government is convinced that crypto and blockchain tech would be relevant to the growth of the global economy and is currently working towards building a strong legal foundation to support the implementation of the emerging market