Overstock generating between $68,000 and $120,000 a week in cryptocurrency revenues

jj.jpgJonathan Johnson, former chairman of Overstock.com, revealed that Overstock was generating around 0.2 per cent of revenues through cryptocurrencies. Utah based Overstock was one of the first major e-commerce players enabling crypto payments for its online shoppers. The incentive for enabling crypto payments is best described by its former chairman:

“We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards. 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.”

Johnson also serves as a president of Medici ventures, an investment arm of overstock, which has funded companies like tZero, Factom and Desoto.

 

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