Overstock.com Accepts Dozens of Digital Assets Through ShapeShift Integration
ShapeShift is excited to announce our partnership with leading online marketplace Overstock.com. Overstock offers customers the ability to purchase a wide range of products including home goods, clothing, electronics and more with bitcoin, Litecoin, and Dogecoin through their integration with the ShapeShift API.
A Crypto Pioneer
Overstock.com may have been founded 20 years ago, but the brand has proved itself to be a trailblazer in the world of cryptocurrency. In 2013, it became It was the first major retailer to accept cryptocurrencies as payment.
According to founder and chief executive Patrick Byrne, “Bitcoin was never the end goal; instead, it was only the first step in seeing what was possible with the nascent blockchain technology. Nearly five years later, the company generates from $68,000 to $120,000 in cryptocurrency revenues weekly. That translates to roughly “0.2 percent of our revenue,” Byrne said, adding that Overstock “converts a lot of that into dollars.”
Has crypto changed the way retail investors participate in investing – with full transparency and liquidity? According to a recent New York Times article, the company’s evolution to crypto has been both “deliberate and serendipitous.”
“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,” said Byrne in a 2017 Press Release. At checkout, customers can 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 then uses 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.
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform:OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Worldstock.com, dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website.
Integrate Your Service with ShapeShift
Looking to provide your users with a merchant processing options similar to Overstock? Check out our ShapeShift API! Overstock was able to connect their current payment processor with our API to provide their customers with dozens of digital asset options. ShapeShift’s API is free and open source for all services to use. If you would like to talk about integrating with ShapeShift, please submit your information here and a ShapeShift partner team member will be with you as soon as possible!