Digitec Galaxus AG, which claims to be the biggest online retailer in Switzerland, is a big believer of emerging technology. It has allegedly started accepting Bitcoin and other cryptocurrencies, according to local news outlet Watson.
The publication states that Digitec Galaxus now allows customers to buy around 2.7 million products using Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Binance Coin (BNB), NEO, TRON, and OmiseGo.
The news comes after the company’s software engineers built a new payment system. Transactions are now processed using a blockchain payment and cryptocurrency payment processor Coinify in conjunction with Swiss e-payment specialist Datatrans AG.
A crypto paradise
Switzerland has long been a crypto-friendly nation and is quickly becoming a new crypto hub and a haven for the tech community. The country has taken open policies toward cryptocurrency start-ups and blockchain technology.
There, crypto regulation provides decent conditions and support for developments, Initial Coin Offerings (ICOs), and investments. Cryptocurrency exchanges in the country are regulated by the Swiss Federal Tax Administration (SFTA). This means consumers are protected while encouraging innovation in the tech industry.
Since 2017, the Federal Railways has been accepting Bitcoin as a form of payment. However, now the country’s largest online retailer is also jumping onto the cryptocurrency bandwagon.
Cryptocurrencies may soon become a popular means of payment in the European country. Explaining why people would want to use crypto, Oliver Herren, Digitec co-founder, and Chief Innovation Officer stated:
Because you have some and you want to use them? Or because you can not turn them into real money because your bank does not accept the money? Just because you can do it? Or because you like to try new things?”
The news that Bitcoin and several altcoins can now be used to buy goods and services is a step forward towards widespread adoption.