Kelabi Business

Newegg Breaks eRetailer Ground With Litecoin

Digital electronics retailer Newegg now accepts Litecoin on the BitPay platform.

Newegg’s international customer base can soon have the option of paying for merchandise with Litecoin using the BitPay Wallet app.

Newegg Senior Brand Manager Andrew Choi said in a press release on Thursday (July 29) that the online retailer was among the first to accept bitcoin for payments. Now it’s offering Litecoin payments via its collaboration with BitPay. 

“The excitement and momentum around cryptocurrency are undeniable, and we are committed to making it easy for our customers to shop online,” Choi added.

Newegg teamed with BitPay in 2014 to enable bitcoin payments in the U.S. and later in Canada. 

“Newegg has always been able to quickly implement new technologies to offer its customers innovative new ways to pay for products and services purchased through its platform,” said Stephen Pair, CEO at BitPay. 

“As the enthusiasm and excitement around the use of cryptocurrency continue to grow, Newegg demonstrates once again that it’s committed to making it easy for customers to shop their way with a growing array of payment options that also cater to crypto fans,” Pair added.

Litecoin was developed by Google engineer Charlie Lee in 2011 and intended to be a “lighter” tech cousin to bitcoin, but with faster transaction times — Litecoin processes the average transaction in 2.5 minutes.

June’s Cryptocurrency Payments Report: How Consumers Want To Use It To Shop And Pay, a collaboration with PYMNTS and BitPay, explores the intentions and usage of current and former crypto users and nonusers.

“Nearly a quarter of current or former cryptocurrency owners have used cryptocurrency to purchase groceries and retail products as well as to make online gaming or gambling-related purchases, pay for streaming services or access financial services,” according to the report.

 

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