Cryptocurrencies accepted by Switzerland’s biggest online retailer
Switzerland’s largest online shop, Digitec Galaxus, has announced it will start accepting payments in bitcoin and other cryptocurrencies. The company, which saw turnover of close to a billion francs last year, is by far the largest Swiss retailer to date to take this step.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The move may go some way to answering the question posed by many bitcoin holders: “I have cryptocurrencies, now what do I do with them?”
Created in 2008, bitcoin was the first blockchain-based peer-to-peer payment system designed to rival currencies printed by governments. And in the last decade, hundreds of bitcoin imitators – commonly referred to as altcoins – have sprung up in its wake.
Consumers spending at least CHF200 ($200) online with Digitec Galaxus will be able to pay in bitcoin, bitcoin cash ABC, bitcoin cash SV, ethereum, ripple, binance coin, litecoin, TRON, NEO or OmiseGO, the company announced on Tuesday. A handful of customers had already taken advantage of the new service on the first day of trading, but the company said it was too early to tell how widespread such purchases may be in future.
“Cryptocurrencies are fascinating and likely to become a relevant means of payment in e-commerce – we want to support this development,” said Digitec Galaxus CIO and co-founder Oliver Herren in a statementExternal link.
Real currency?
The DigitecExternal link arm sells electronic goods while GalaxusExternal link has a wide assortment of household, DIY, fashion, jewellery and other products. Since 2015, the online enterprise has been majority owned by Swiss retailer Migros, which has hundreds of bricks and mortar stores.
To enable this new payment method, the company has teamed up with Swiss e-payment specialist DatatransExternal link and Danish crypto payment provider CoinifyExternal link. The latter partner will handle the cryptocurrencies and convert them into Swiss francs for Digitec Galaxus.
According to coinmapExternal link, a website that lists shops that accept crypto, there are well over 100 outlets already in Switzerland that accept the new digital currencies – but most are small scale.
“This is a significant step for bitcoin in Switzerland. A broader acceptance of shops enables bitcoin to not only be used as a store of value but also as medium of exchange, bringing bitcoin closer to being a real currency,” Bitcoin Association Switzerland president Lucas Betschart told swissinfo.ch.
Macron will attend Swiss summit on Ukraine, says Zelensky
This content was published on
French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
Top politician tells ‘corrupt’ Eurovision to stay away from Bern
This content was published on
A social media post by the president of Bern’s cantonal government critical of the Eurovision Song Contest has created waves and will be discussed in the cantonal parliament.
Swiss centre records over 200 victims of human trafficking
This content was published on
Last year 317 people took part in a protection programme run by the Specialist Unit for Trafficking in Women and Women’s Migration (FIZ) in German-speaking Switzerland.
This content was published on
The Geneva-based International Committee of the Red Cross (ICRC) and partners are opening a field hospital in southern Gaza on Tuesday.
Lack of smartphone sustainability in Switzerland hits environment
This content was published on
Almost half of all Swiss citizens hang on to their old smartphones, tablets and laptops, according to the Federal Statistical Office.
Police clear out pro-Palestinian students protesting in Geneva
This content was published on
The police intervened early on Tuesday to dislodge pro-Palestinian students who had been occupying the University of Geneva for almost a week.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
The Wurst & MoritzExternal link company has responded to repeated demand from customers to spend their hard-earned bitcoins in its restaurants in Zurich and Bern. With the price of a single bitcoin reaching nearly $5,000External link in recent days, that makes a currywurst worth 0.0019 bitcoins (CHF8). “We have reached a tipping point in the…
This content was published on
Chiasso announced that it would take bitcoin to settle up to CHF250 ($265) of tax bills from the start of next year. The decision was taken after consulting with cryptocurrency and blockchain companies that have recently set up in the region. “Chiasso is recognised internationally as an epicentre of a growing technological and economic growth…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.