Cryptocurrency asset exchange service ShapeShift announced today a new partnership with leading e-commerce marketplace Overstock.com. Overstock has offered its customers the ability to purchase a wide range of products including home goods, clothing, electronics and more with bitcoin, litecoin, and dodgecoin for years.
Now they will allow for customers to purchase items with dozens of digital assets through integration with the ShapeShift API.
During checkout, customers can select their preferred cryptocurrency before being prompted to transfer their coins just as they would with any other digital wallet transaction. Overstock will then utilize the API from ShapeShift to convert any supported cryptocurrency to bitcoin.
If a refund is required from a purchase, it will be made in bitcoin, but if desired, customers can efficiently swap the refunded bitcoin back to their preferred cryptocurrency using ShapeShift.
Overstock is the first major retailer to accept multiple cryptocurrencies as payment. This announcement is the latest in a line of firsts for Overstock in the blockchain world. In early 2014, the e-commerce pioneer became the first major retailer to accept bitcoin. The company also issued the world’s first blockchain stock with its Series A Preferred offering in late 2016 on T Zero’s blockchain-based securities trading platform by Medici Ventures, which is a subsidiary company of Overstock.com, Inc.
“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.”