Switzerland's largest retailer, Digitec Galaxus begins accepting Bitcoin

19 Mar, 2019
by Richard Allen
Adoption
Switzerland's largest retailer, Digitec Galaxus begins accepting Bitcoin

Switzerland’s largest online retailer, Digitec Galaxus AG has reportedly begun accepting Bitcoin and several altcoins, local news outlet Watson reports.

According to the publication, Digitec Galaxus customers can now purchase about 2.7 million products using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, TRON, OmiseGo, and NEO.

The announcement comes after a team of software engineers within the company called Team Specter developed a new payment mechanism. Together with Swiss e-payment specialist Datatrans AG, transactions can now be processed using crypto payment processor Coinify.

The Federal Railways has been accepting Bitcoin as payment for train tickets since 2017, but now that the country’s largest retailer has entered the crypto space, it should just be a matter of time before cryptocurrencies become a fully-fledged means of payment.

Read more: Swissquote banking group launching crypto custody services this month

When paying with cryptocurrencies, the publication has reported a 200 franc minimum is required. According to Digitec spokesman Alex Hämmerli, this increases the likelihood of quicker payment confirmation. There’s no maximum amount.

When asked why customers would want to use Bitcoin, Digitec co-founder and Chief Innovation Officer, Oliver Herren 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?”

Read more: 5 countries that are going big on cryptocurrency adoption

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