Overstock Reportedly Pulls in Around $120,000 a Week in Cryptocurrency Revenue
In an address to the Heritage Foundation, a conservative think tank in Washington, D.C., Overstock board member Jonathan Johnson stated that the company is beginning to see customers using cryptocurrency for daily purchases.
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.
In the same speech, Johnson Johnson stated that cryptocurrency is a much better payment method than credit cards for both Overstock and merchants in general.
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.
Overstock has been one of the more forward-thinking publicly traded companies when it comes to cryptocurrency adoption. The company has its own blockchain investment arm, Medici Ventures, and is even building out its own cryptocurrency securities platform through its subsidiary, tZERO, which announced last month that it has partnered with market maker BOX Digital Markets to launch the industry’s first regulated security token exchange.