Overstock.com, Inc. (NASDAQ:OSTK) announces an integration with ShapeShift, the world’s leading instant digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock’s selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more.
“Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins. For that reason, we have been an early proponent and adopter of cryptocurrencies,” said company CEO and founder Patrick M. Byrne. “ShapeShift has provided an elegant way for users of any digital currency to transact seamlessly and privately across chains, and we’re excited to harness that ability to the benefit of our customers.”
“Overstock’s long history with bitcoin and blockchain technology demonstrates their commitment to innovation,” said ShapeShift CEO Erik Voorhees. “The ShapeShift team could not be more excited for this partnership and are pleased our technology will be helping the next generation of Overstock customers.”
Overstock is the first major retailer to accept multiple cryptocurrencies as payment. This announcement is the latest in a line of major firsts for Overstock in the blockchain world; the e-commerce pioneer became the first major retailer to accept bitcoin in early 2014 and issued the world’s first blockchain stock with its Series A Preferred offering in late 2016 on the t0 platform.
ShapeShift allows digital currencies to be easily converted between different coin types in a matter of seconds, all without any account setup or personal data required. Instead, the funds are sent to a specific address, with the blockchain record of the transaction acting as both the order and the receipt.
During checkout, customers will select their preferred cryptocurrency and submit the order before being prompted to transfer the coins, just as they would with any other digital wallet transaction. Overstock will then utilize ShapeShift to convert the cryptocurrencies to bitcoin. Refunds from a cryptocurrency purchase will also be made in bitcoin, however customers can easily exchange those to their preferred cryptocurrency through ShapeShift.
This year has seen the emergence of several popular non-bitcoin cryptocurrencies, helping the number of transactable digital currencies grow to over 1000, according to Coinmarketcap.com. Bitcoin is still the largest cryptocurrency by market capitalization, however it now represents just under 50% of the market, down from nearly 80% a year ago. ShapeShift supports dozens of these additional growing digital assets. Additionally, in light of the recent Bitcoin Hard Fork, ShapeShift has added support of the forked asset, Bitcoin Cash, allowing Overstock customers to complete their purchases via BCH.