For several years now Newegg has been accepting Bitcoin payments in the US. Now the company is bringing this payment option to customers in Canada as well.
Newegg made the announcement on Tuesday. The company said that Bitcoin payments have represented a “small but growing stream of purchase transactions” in the US.
The retailer’s announcement is welcome news for cryptocurrency holders, as rising transaction fees had forced several other merchants to shut down Bitcoin payments in recent months. Most recently, Reddit removed the payment option from its services last week.
Newegg is one of the major e-commerce players in the North America offering a vast selection of computer hardware, software, and peripherals. Newegg was one of the very first retailers to accept Bitcoin back in 2014.
The decision by Newegg to support Bitcoin payments in Canada is simply a natural move: Canada has been showing a big interest in Bitcoin and other cryptocurrencies over the years, and the Canadian government is still open-minded when it comes to this new form of money.
Danny Lee, Newegg’s CEO said, “The value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.”
The Bitcoin payment option will be available for Newegg’s entire catalog of products.
Like most merchants, Newegg does not accept the cryptocurrency directly. Similar to how Bitcoin payments are handled by the company for its US website, payments by Canadian customers will be processed through BitPay.
BitPay’s CEO Stephen Pair commented: “Newegg was an early e-commerce adopter of bitcoin… We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.”
BitPay helped the Newegg achieve 99.99% uptime, which it said represents “unrivaled reliability in the industry.”
The move by Newegg was echoed by a payment processing firm Stripe which recently announced it would begin phasing out Bitcoin payments. Other North American companies that accept Bitcoin as payment include Subway, Microsoft, Gyft, KFC Canada, Expedia, eGifter, Etsy, and Shopify.com.
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