Online retail giant Overstock has partnered with blockchain startup ShapeShift to accept more than 60 cryptocurrencies as payment at its online stores. <\/p>\n
With the announcement, Overstock.com shopperscan now use ether, litecoin, dash and bitcoin cash at checkout, a move that follows Overstock's early embrace of bitcoin as a payment method. Overstock first began accepting bitcoin for payment in 2014, and it has remained active in developing the technology, even launching a dedicated subsidiary to focus on applications. <\/p>\n
In statements, Overstock CEO Patrick Byrne sought to portray the decision as one that gives its customers greater freedoms outside of the traditional financial system. <\/p>\n
Bryne said: <\/p>\n
\"Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins.\" <\/p>\n
The move further comes at a timeof broader diversification in the cryptocurrency market, which has seen bitcoin's share of the total asset class slip below 50%. <\/p>\n
As such, Overstock framed the move as one that keeps it in line with new developments in the blockchain market. Butwhether the company believes this trend will continue remains unclear. <\/p>\n
Notably, Overstock said it intends to convert the cryptocurrency it receives to bitcoin, as well as issue refunds using the protocol. <\/p>\n
Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShapeShift. <\/p>\n
Overstock image via CoinDesk Archives <\/p>\n
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