US-based online electronic and software firm, Newegg has revealed an important development to scale cryptocurrency adoption. The firm has considered expanding Bitcoin payment services to more nations. With this development, around 73 different countries throughout the world will be provided with Bitcoin payment options by Newegg.
Currently, the e-commerce giant firm offers its services to 80 different nations, although not all nations receive Newegg’s Bitcoin payment services due to local regulations.
The development news was published on Wednesday and Newegg assured most of its stores across the globe will start accepting Bitcoin payments option.
The Newegg firm initially started providing bitcoin payment services in July 2014 after partnering with BitPay leading digital currency payment service provider. Through this partnership, bitcoin sales were converted into US dollar. Later in August 2014, the Bitcoin payment services were expanded to Canada, thus became the second country to receive this service. On the Newegg website, Newegg.com not a ‘single chargeback’ has been demanded bitcoin-based transaction ever since the initiative.
However, the Bitcoin payment services to Canada were withdrawn in 2017 and expected to resume in 2019.
Before launching its BTC payments, back in January 2014 the company has said it might start accepting BTC.
Countries not receiving Newegg’s Bitcoin payment option are Indonesia, Algeria, Ecuador, Morocco, Vietnam, and Egypt. They will not receive this service because of a few regulatory problems and local rules.
Newegg’s Global Sales President, Anthony Chow stated Newegg was the first important store to join the Bitcoin market in 2014; this is why the company always tries to serve this emerging market. As soon as the bitcoin payment option was introduced, customers started to purchase products using this emerging technology.
Currently, the Newegg Company is determined to explore more. The decision was considered to drive innovation across the market and to satisfy its customer’s needs.
As per recent information, Newegg’s revenue in 2019 valued at $2.7 billion, and around 2,500 employees serve the firm.
Chow stated in a press release,
“Broadening the ability to pay with Bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience and answers customers’ growing preference for our Bitcoin payment option.”
As per the announcement, BitPay the crypto payment processor will support bitcoin transactions on the platform of Newegg. BitPay nearly processes $1 billion in bitcoin transaction every year for its e-commerce associates, uses the blockchain technology to offer transparency in transaction and remove ‘chargebacks.’ Apart from this, BitPay allows Newegg “to increase its margin on each bitcoin transaction by avoiding credit card fees typically assessed on credit card purchases.”
The value of the Bitcoin declined below the USD 10,000 mark. Within 24 hours, the bitcoin value reduced by 1.53 percent, earlier data mentions.
BitPay’s Chief Commercial Officer, Sonny Singh mentioned,
“Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants. Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.”
While in May 2019, a subsidiary of AT&T, AT&T communications collaborated with BitPay to process cryptocurrency payments. Mobile carrier of Dallas has also partnered with BitPay to provide users the service.