With every year, more and more companies are adopting cryptocurrency in their businesses for various reasons, such as investment portfolio diversification, access to new markets, and a way to hedge inflation. A cryptocurrency is a digital currency that is verified and stored in a decentralized space. Think of Bitcoin or Ethereum - the most well-known cryptocurrencies today. In this blog, we will look at 7 major companies that already accept cryptocurrency as a payment method.
7 giants that accept cryptocurrency
Microsoft began accepting Bitcoin as a form of payment in 2014. This technological giant’s customers can use cryptocurrency to buy applications, movies, and even Xbox games, as well as items at certain online and physical stores.
Overstock.com is an online retailer that specializes in furniture, home décor, and bedding. The company started accepting Bitcoin in 2014 and has since added other cryptocurrencies such as Ethereum, Litecoin, Dash, and Bitcoin Cash. Customers can use these cryptocurrencies to purchase items on the website.
Expedia is a travel company that allows customers to book flights, hotels, and car rentals. The company started accepting Bitcoin as a form of payment in 2014 and has since added other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash. Customers can use these cryptocurrencies to book their travel arrangements on the website.
Subway is a fast-food restaurant chain that started accepting Bitcoin as a form of payment in 2013. Customers can use Bitcoin to purchase food and drinks at participating Subway locations.
AT&T is a telecommunications company that allows customers to pay their bills using Bitcoin through BitPay. The company started accepting Bitcoin in 2019 and is one of the few telecommunication companies that accept cryptocurrencies as a form of payment.
Shopify is an e-commerce platform that allows businesses to create and manage online stores. The platform has integrated with various cryptocurrency payment providers such as Coinbase, BitPay, and GoCoin to allow their merchants to accept cryptocurrencies as a form of payment.
7. Ralph Lauren
Ralph Lauren is a major designer brand based in the United States. The company is famously known for its timeless clothing and modern luxury. In April 2023, the brand announced that they are now accepting Bitcoin, Ethereum, and other cryptocurrencies in their new store in Miami.
A continued uncertainty among customers
Although companies continue to onboard the world of cryptocurrency, the majority of the world’s population is not entirely certain about it. According to NBC News, only 21% of adults in the U.S. have ever owned cryptocurrency as of 2022. At the same time, 76% are not familiar with the concept at all, and 79% would never consider using it as an alternative to general currency, claims PBS.
Therefore, it is incredibly important for companies to offer alternative payment options, regardless of what they are doing. While Web2 companies continue with their activities, companies that base their activity on cryptocurrency could potentially be better off with those alternatives. For example, the biggest NFT marketplace OpenSea only accepts cryptocurrency. This could mean that customers without the technical knowledge of cryptocurrency, and NFTs might be scared off by this and avoid making purchases from the marketplace.
Help your customers today
However, with Authic’s solution, you do not have to worry about whether your clients own cryptocurrency already. With KYC/AML tools, your customers can use general currencies (such as US dollars or euros) to make purchases on your own marketplace.
Stop missing out and launch your own NFT marketplace today with Authic’s no-code white-label solution. If you are unsure where to start, this blog provides you with guidance. Or just schedule a free demo with our skilled team, and receive strategic advice on how to get started.