Newegg Inc., an online ecommerce site that rivals Amazon for the sale of technical and electronic equipment, extends its payment options by incorporating payments through bitcoin for its Canadian customers.
Newegg demonstrated their confidence in the future of cryptocurrency by extending its current policy to accept bitcoin payments from US customers to Canadian customers. Newegg was not affected by recent price volatility and cited increased mainstream awareness of cryptocurrency.
BitPay, which manages Newegg-linked bitcoin deals in the US, and will now manage all bitcoin payments in Canada with Newegg claiming to have the most powerful bitcoin API in the industry.
Newegg Inc. One of the First E-Commerce With Bitcoin
CEO and co-founder of BitPay, Stephen Pair, said in a news release: "Newegg Inc. is the first e-commerce to adopt bitcoin, and the leap of confidence the company took in 2014 put Newegg as a bitcoin-friendly place for technology fans to shop."
He added that it sees a lot of interest in Canada, and his company is happy to see Newegg extend its bitcoin payment option in Canada.
Newegg uses the BitPay API to create and manage invoices, manage bills, return money and view merchant ledger entries. Newegg noted that BitPay's single focus in building enterprise-class merchant tools will help the company achieve 99.99% uptime, an industry unmatched reliability.
Recently BitPay announced a partnership with South Korean exchange, Bithumb to enable businesses there to issue invoices in bitcoin. Newegg, a California-based retailer, first started receiving bitcoin from American customers in August 2014 and never looked back.
According to the company, bitcoin payments from the US have represented a small but growing flow of purchase transactions. Newegg's CEO Danny Lee said that by 2014 Newegg was one of the first major companies to offer customers a bitcoin payment option.
"Since then, the value of bitcoin has skyrocketed and customers holding bitcoin have much greater purchasing power. We believe the time is right to expand the acceptance of bitcoin to our customers in Canada, "Lee added.
Newegg itself is a leading e-commerce technology in North America with customers in more than 50 countries in Europe, Asia, Latin America and the Middle East, and has more than 36 million registered users.