Switzerland crypto-friendly bank Sygnum in conjunction with cryptocurrency platform Coinify and Galaxus, Switzerlandâ€™s largest online successfully completed an e-commerce transaction using Sygnumâ€™s stablecoin.
Sygnum announced the news of the transaction via a press release on Thursday (August 27, 2020). According to the post, the e-commerce transaction was a world-first with the bankâ€™s stablecoin called Digital Swiss Franc (DCHF).
The e-commerce transaction conducted on the Galaxus online platform was enabled by Coinify. Also, the use of the stablecoin in the e-commerce sector connects customers and online retailers, while also eliminating fraud, lowering cost, and providing a simpler and faster payment process for customers.
Sygnum Bank launched the DCHF token in March 2020 and the stablecoin is pegged to the Swiss franc 1:1. The bank earlier obtained a banking and securities dealers license from the Swiss Financial Market Supervisory Authority (FINMA).
Commenting on the latest payment method, Martin Burgherr, Chief Client Officer for Sygnum bank, said:
â€œThis transaction is a further proof-point of the value of Sygnumâ€™s DCHF and its potential to drive digital transformation in major global industries like e-commerce and payments. We continue to innovate and foster partnerships such as this to accelerate the development of the global digital asset economyâ€
Galaxus executive Thomas Fugmann also said that using DCHF makes it easier for customers both in Liechtenstein and Switzerland to carry out transactions on the companyâ€™s online stores. The Swiss online retailer became one of the first e-commerce platforms to accept cryptocurrencies as a payment means back in 2019.
Growing Use of Cryptocurrencies as a Payment Option
More companies and businesses continue to integrate cryptocurrency as a payment means for faster and cheaper transactions.
As reported by BTCManager back in May, e-commerce giant Shopify in conjunction with crypto payments platform CoinPayments, introduced cryptocurrency as a payment option on the e-commerce platform. There were also reports this August about a development that will see holders of Cardanoâ€™s native coin ADA, pay with the digital coin at more than 500 online stores on Shopify.
Furthermore, Coca-cola and Amatil and Centrapay entered into a partnership that will enable residents in Australia and New Zealand to buy Coca-Cola with Bitcoin. Travel agency Expedia and Travala also collaborated to make customers book hotels with cryptocurrency.
Aug 29th, 2020 00:49:15