Do you like wine? How about wine from upstate New York shipped to your door across the world? Now it’s possible to do with cryptocurrency.
Iron Gate Wine, an online retailer of private and rare wine collections from New York state, USA, announced about its support of Bitcoin and Bitcoin Cash payments. The news was shared on March 7, 2019. This will allow their customers to purchase wine using crypto through payment service provider BitPay.
The store has a wide selection of wines sourced from private collectors’ cellars throughout the US and Canada. In March, there were over 2,500 titles available on the website for purchase with cryptocurrency.
Iron Gate Wine president Warren Porter reportedly commented on the decision: “We are very excited to be the first online retailer of our kind to accept Bitcoin as a form of payment for the incredible wines that we have available… Our research has shown that the adoption of cryptocurrency is on the rise, and we want our customers to be able to use whatever payment they prefer.”
Mr. PORTER added that, in his opinion, cryptocurrencies are much better protected from fraud and chargebacks than credit cards, and also have a lower processing fees.
“Accepting crypto payments greatly decreases our processing fees compared to credit cards. IronGate.Wine is consistently one of the lowest priced providers in the United States of fine and rare wine, but we can be even more competitive by further reducing our processing costs by several percentage points.”
Iron Gate Wine plans to support the most comprehensive array of payment options in the industry – they aim to add AliPay, WeChat Pay and Apple Pay options. They also plan to grow the number of available wines to over 4,000 in the next month.
Sign up for our newsletter
and don't miss out great opportunities to monotize on your bitcoin