The online computer hardware and consumer electronics retailer will now accept the top cryptocurrency.
Newegg recently announced that its Canadian customers will be able to make bitcoin payments to complete purchase transactions. The cryptocurrency is now listed among the retailer’s accepted transaction methods.
The company revealed its new adoption of cryptocurrency in a recent press release.
American consumers have been able to make bitcoin payments at Newegg since August 2014. This made the company one of the first ever major retailers to accept the cryptocurrency. According to Newegg, since it first made it possible for consumers to use bitcoin, the number of people who have actually used it has remained small.
That said, it has seen steady use and the numbers have continued their growth since the first introduction. Now that there is rising mainstream awareness of bitcoin, Newegg has chosen to broaden its digital payment option. It has extended this transaction method beyond the United States and into Canada as well.
Canadians will now have the same ability as Americans in using bitcoin payments at Newegg.
“In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option,” said Newegg CEO, Danny Lee, in the company’s press release. “Since that time 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.”
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The introduction of the new bitcoin transaction method is a natural one for Newegg. The retailer already has a longstanding partnership with BitPal. This allowed the two companies to work together to step north of the border and add the new payment method to the options available to Canadian consumers.
BitPal will continue to manage all Newegg’s bitcoin payments, including both those taking place in the United States and the new ones in Canada. The retailer is counting on the growing acceptance and adoption of the cryptocurrency, which has seen astounding overall growth in its value over the last while.
Though volatile and controversial, many investors feel that cryptocurrencies will play an increasingly important role in the future payments market. On the other hand, some experts are highly concerned that this is little more than a bubble about to burst. Clearly, Newegg sees this as a risk well worth taking.