We’re proud to announce a new partnership with Overstock.com, a leading discount online shopping retailer, which will make it possible for consumers to purchase items on their site using bitcoin.
Starting today, bitcoin will be a purchase option for any item sold on Overstock.com via Coinbase.
This marks the largest retail Bitcoin implementation to date. For the first time ever, customers can purchase a wide selection of goods with bitcoins — from electronics to home accessories — from a trusted, branded vendor. We’re excited to serve as Overstock.com’s official digital wallet to facilitate all related transactions on their site.
We offer merchants like Overstock.com an instant exchange feature to ensure they have no exchange rate risk: merchants price all of their goods in dollars, and lock in the exchange rate of every payment. This helps ensure that merchants know the exact dollar figure of every bitcoin purchase. This helps gives merchants peace of mind, and protects them from volatility.
Overstock.com joins a growing list of merchants who have embraced Bitcoin, including our current partners OKCupid, Reddit and Khan Academy, who are enjoying the clear economic benefits of accepting payment in the form of bitcoin, not the least of which is the elimination of credit card transaction fees of upwards of 2% per transaction.
We believe that Bitcoin is nearing a tipping point for broad consumer adoption, and we couldn’t be more thrilled to be working with the team at Overstock.com to help make that a reality.