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Blockchain & Cryptocurrency

Overstock.com is Raking In Big Money Through Cryptocurrency Payments

The Infinite Brief
Overstock is one of the first major retailers in the US to accept cryptocurrency, and the website is receiving a significant amount of revenue through cryptocurrency payment methods. 

Jonathan Johnson, an Overstock board member, said: “We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards. When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business.”

“We have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using Bitcoin or Ethereum or other coins,” Johnson said in his address.

This means that Overstock can have up to $6.2 million per year in cryptocurrency revenue, a staggering number.  Overstock’s underlying profit from these transactions is much higher than equivalent purchases using a credit card, due to crypto payments low processing fees.

Overstock’s stock surged over 11% on the news of the cryptocurrency program’s success.

Originally via Convesting

Overstock is one of the first major retailers in the US to accept cryptocurrency, and the website is receiving a significant amount of revenue through cryptocurrency payment methods.

See the original article at https://ci.covesting.io/article/overstock-generating-significant-cryptocurrency-re

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