Nasdaq-listed online retailer Overstock.com announced yesterday that it had struck a partnership with instant digital asset exchange ShapeShift to enable its customers to use “all major cryptocurrencies” as payment at its online stores. The list of approved cryptocurrencies includes ethereum, litecoin, dash, monero and the recently created bitcoin cash, among others.
Customers will be able to pay for their purchases in their preferred cryptocurrencies and then Overstock will utilise ShapeShift’s technology to convert the transferred altcoins to bitcoins, the company explained.
“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," the company’s founder and chief executive officer Patrick M. Byrne said in a statement. “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,” he added.
Notably, Overstock was the first major US retailer to accept bitcoin as a payment method. It began accepting bitcoin payments in 2014 and since then it has remained an active participant in the development of the technology. The company, which currently has a total market capitalisation of just over $440 million, even launched a dedicated subsidiary - Medici Ventures – to work on applications of blockchain technology.
Litecoin has performed strongly in today’s trading. As of 14:14 BST, the litecoin price was at $48.36, up 4.7 percent from the same time yesterday. Meanwhile, bitcoin cash has struggled, with its price falling 9.7 percent over the past 24 hours to $327.92, according to data from Coinmarketcap.