Newegg pioneers acceptance of high-speed cryptocurrency
Newegg is building on its early adopter status in the cryptocurrency realm by preparing to accept Litecoin.
The online consumer electronics retailer, which in 2014 became the first major retailer to accept bitcoin payments, now expects to become the first major retailer to accept Litecoin cryptocurrency as a payment method on the BitPay platform by the end of July 2021.
As a result. customers shopping on Newegg.com will have the option of paying with Litecoin using the BitPay Wallet app. Launched in 2011 by former Google engineer Charlie Lee, Litecoin was created as a “light” version of bitcoin. While similar in technical nature to bitcoin, Litecoin offers faster transaction confirmation times – 2.5 minutes on average compared to bitcoin’s average of 10 minutes.
When completing an order on Newegg.com, customers who want to pay with Litecoin click “edit” in the payment section on the checkout page, then select BitPay. Customers can then complete their transactions using Litecoin held in their digital wallet.
Newegg’s partnership with BitPay dates back to 2014, when both organizations collaborated to enable bitcoin transactions on Newegg.com. Subsequently, Newegg was among the first retailers to accept the Dogecoin cryptocurrency for payment in early 2021.
“Delivering a better online shopping experience isn’t only about price and selection – it’s also important to let people shop however they want, and that extends to offering flexible payment options,” said Andrew Choi, senior brand manager of Newegg. “We're thrilled to accept Litecoin, as we believe that convenient payment options improve the overall shopping experience for all our customers."
“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. We are pleased to be the company’s chosen partner in integrating the Litecoin payment option into 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.”
Headquartered in City of Industry, Calif., Newegg was founded in 2001 and serves a global customer base throughout North America, Europe, Asia Pacific, Latin America and the Middle East.