Retail Giant Newegg Extends Bitcoin Payment Option To 73 New Countries

Announcements, News | July 25, 2019 By:

Computer hardware retailer Newegg has announced that it will begin accepting bitcoin payments in 73 additional Newegg country-specific stores.

Founded in 2001, Newegg offers its more than 36 million registered users a comprehensive selection of the latest consumer electronics, entertainment, smart home, and gaming products. It is headquartered in the City of California, with North American distribution facilities located throughout the United States and Canada.

In August 2014, Newegg partnered with crypto payment service provider Bitpay to manage all bitcoin-related transactions for the company’s customers in the US. In March 2018, Newegg expaned its bitcoin payment option to Canada, allowing Canadian customers to shop Newegg’s complete portfolio of products using the cryptocurrency.

In a press release, the computer hardware retailer said that it will begin accepting bitcoin in 73 additional countries, enabling Newegg customers to pay with bitcoin in nearly all of the countries the company serves worldwide.

“Five years ago, we were one of the first major online shopping destinations to accept bitcoin, and our early-adopter customers were quick to embrace this new payment option,” said Anthony Chow, Newegg President Global Sales. “Broadening the ability to pay with bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our bitcoin payment option.”

According to Newegg, since the initial implementation of the bitcoin payment option, not a single chargeback has been required for any bitcoin transaction on Newegg.com. Its partnership with BitPay reportedly enables Newegg to increase its margin on each bitcoin transaction by avoiding credit card fees typically assessed on credit card purchases.

“Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants,” said Sonny Singh, Chief Commercial Officer at BitPay. “Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.”