Switzerland's Largest Online Retailer Adopts Bitcoin and Altcoins

Switzerland’s Largest Online Retailer Adopts Bitcoin and Altcoins

 

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Digitec Galaxus, Switzerland’s largest retail shop has recently adopted Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Litecoin, Binnance Coin, Tron, OmiseGo and NEO.

Adoption, Adoption, Adoption

Switzerland has demonstrated welcoming legislative acceptance towards cryptocurrencies – with fintech companies and financial exchanges beginning to adopt the technology. Now retail customers will be able to benefit from further corporate acceptance. 2.7 million goods will be purchasable with cryptocurrencies from Digitec Galaxus, Switzerland’s largest retailer.

Legislators have created a crypto-friendly environment, with examples of citizen’s purchasing SBB tickets using Bitcoin in 2017. Clearly identifying the positive consumer trend; Digitec Galaxus employed a team of software engineers called Team Specter – deploying a pilot partnership project with e-payment specialists Datatrans AG. Digital asset transactions will be processed using Coinify, a Danish-based fintech.

‘cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce – we would like to support this development.’ – Digitec co-founder Oliver Herren

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Volatility and Buying

To get around Bitcoin’s (and altcoins) volatility, the firm employs a 15 minute fixed exchange rate – providing the buyer with peace of mind. By providing the option to pay with 10 different cryptocurrencies, customers will have the choice of using their asset of choice. Much has been said about the lack of real-world adoption surrounding these new currencies. Speculation is often cited as the main use case. However – the more online (and real-world) retailers accept digital currencies as a valid form of payment, the more people will be able to actually benefit from their currency in a tangible way.

Conclusion

Recent news of Switzerland’s growing cryptocurrency and fintech economy, such as a Bitcoin ETP, as well as Zug residents paying for municipal services in Bitcoin, seems to suggest that this country has its sights set on maintaining a forward-looking economic environment. Couple that with the country’s reputation as an international tax haven and we may see a renewed interest in those wishing to cash out portions of their digital investments during the next bull run.