Newegg set to start accepting payments in SHIB, the world’s twelfth-largest cryptocurrency by market cap.
California-headquartered electronics retailer Newegg is set to launch support for payment in Shiba Inu. The announcement was hinted at by Shiba Inu project lead Shytoshi Kusama in a Tweet from the Shiba Inu Twitter account and confirmed by a Newegg tweet. Newegg already accepts DOGE, BTC, LTC, Bitcoin Cash, ETH, USDT, Wrapped BTC, and Dai via the crypto wallet app Bitpay, and began accepting crypto in 2011. Bitcoin was the first cryptocurrency accepted by Newegg. Bitpay enables Newegg to increase its margins by removing credit card fees. Newegg was offering a 20% discount for customers who pay with crypto on Nov. 27, 2021.
BitPay has claimed that they have not received a single chargeback request for a bitcoin payment, since commencing businesses during bitcoin’s infancy in 2011.
Could Newegg’s acceptance of SHIB be a sign of things to come?
May 2021 saw an initial tweet describing Newegg’s search for a new pup, following which SHIB rose 20% for a short while, before settling to $0.000043.
Newegg began accepting Litecoin (LTC) via BitPay around the end of July 2021. Bitpay’s commercial partnerships with European Mint, Ace Jewellers, and Jomashop have resulted in discounts over the Black Friday weekend of 2021 when paying with crypto. Could these retailers accept SHIB via Bitpay in the coming days? There are signs. Crypto payments gateway Coingate recently boasted 500 merchants. Regal Cinemas recently began accepting cryptocurrency payments via the Flexa Software Development Kit. Customers of Newegg that use SHIB to pay for their electronic goods will give an indication of the appetite consumers have for the payment option to become more ubiquitous.
In the first half of 2021, the Chief Commercial Officer of BitPay, Sonny Singh indicated that retail investors’ interest in altcoins was growing. Four years ago, approximately 95% of crypto payments were undertaken in bitcoin, while in late April 2021, payments using bitcoin dropped to 50%, while DOGE began increasing.
Bitpay’s retail exploits
Bitpay also offers crypto purchases on Amazon through the use of a browser extension. AMC Theatre recently partnered with Bitpay to accept SHIB.
Bitpay has a debit card that can be used to pay for purchases, which draws funds from a crypto wallet when items are being paid for instead of a bank account. Bitpay connects to Coinbase, Trust, and Kraken wallets, amongst others. Bitpay has had a significant impact in the crypto payment space, and as of earlier this year, when its partnership with Universal Air Travel Plan was announced, it had processed over $5B in blockchain transactions since 2011. It has also partnered with other players in the travel space, namely Kessler Hotels and Travala, the latter of which accepts up to 30 different types of tokens.
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