- Using cryptocurrencies to pay for products and services is getting popular.
- A rising number of corporations across industries are permitting consumers to pay for their products using crypto as an official means of payment.
- In 2014, tech giant Microsoft began accepting Bitcoin as a payment method for purchasing games, applications.
Cryptocurrencies always find a reason to hit headlines, thanks to a flurry of fresh developments frequently stirring up the crypto space. With cryptocurrencies getting more mainstream by the day, using crypto to pay for products and services is getting popular.
Moreover, a rising number of corporations across industries are adopting cryptocurrencies and permitting consumers to pay for their products and services using them.
If you're wondering which well-known companies are accepting cryptos as payment, below is the list of five such companies.
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Overstock is a technology-driven online retailer based in the United States. Overstock has grown from a fledging firm to a multibillion-dollar internet retailer since its inception in 1999.
Overstock began taking Bitcoin as payment in 2014, making it the first major US retailer to accept the digital currency as a medium of payment. Bitcoin is a digital coin that enables secure and speedy online payments. Overstock has collaborated with Coinbase, a cryptocurrency exchange that allows its clients to trade in cryptocurrencies.
Overstock also struck a partnership with ShapeShift, a cryptocurrency exchange, in 2017. ShapeShift enables consumers to purchase online from Overstock’s almost 4 million products, including DIY, furniture, rugs, accessories, décor, bedding, using all the major cryptos like Monero, Ethereum, Dash, Litecoin, etc.
Since its inception in 2017, Travala has evolved from a small start-up to become the world’s premier blockchain-based travel booking platform.
The company has succeeded in creating a frictionless trip booking experience using tokenised incentives and next-generation blockchain technologies. The firm offers a variety of cryptocurrency and traditional payment alternatives as well as an innovative user experience.
Travala has quickly shot to prominence as a leading crypto-friendly hotel booking platform, which accepts a variety of cryptos such as BTC, ETH, BNB, ADA, DOGE, SHIB, FTM, etc.
In 2014, tech giant Microsoft began accepting Bitcoin as a payment method for purchasing games, applications and other digital content from Xbox Video Stores, Windows, Xbox Games and Window Phone.
In addition, Microsoft announced the launch of ION in 2021 to help feed crypto growth. ION is a permissionless, public and open, layer 2 decentralised identifier network built on Bitcoin’s blockchain.
Customers in the United States, who have premier and personal PayPal accounts, now have an opportunity to use their cryptocurrency holdings to pay for certain purchases with millions of online companies.
Moreover, PayPal does not charge for storing cryptocurrency in the account, but there is a transaction fee that users need to pay while selling and purchasing cryptos.
Coffee retail chain operator Starbucks announced in 2021 that consumers would be able to pay for their coffee in cryptos via the Bakkt app, which converts Bitcoin into US dollars.
The Bakkt app is a platform that combines Bitcoin and other forms of digital assets. Through the Bakkt App, customers can manage their digital assets however they want. Be it converting participant rewards points to cash or paying with Bitcoin – customers can do all using one simple app.
Companies have jumped into the race to embrace cryptos to reach a broader audience. Apart from the companies listed above, many other firms like – AT&T, Twitch, Newegg, airBaltic, etc – also accept cryptos as a form of payment for their products.
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