Switzerland’s Sygnum with Coinify and Galaxus carry out First E-commerce payment via DCHF Stablecoin

Switzerland's crypto-friendly bank Sygnum, with Coinify and Galaxus, achieved an e-commerce transaction utilizing Sygnum's stablecoin.

By · Aug 28, 2020 . 5min read

Sygnum news

Switzerland’s crypto-friendly bank Sygnum, in association with cryptocurrency platform Coinify and Galaxus, achieved an e-commerce transaction utilizing Sygnum’s stablecoin. Sygnum declared the transaction’s news through a press release on August 27, 2020. According to the post, the e-commerce transaction was a world-first with the bank’s stablecoin called Digital Swiss Franc (DCHF). Moreover, the Sygnum Digital Swiss Franc’s value is a stablecoin from Sygnum Bank, whose value is pegged to the Swiss Franc. 

https://twitter.com/sygnumofficial/status/1298875366686294016

“With the DCHF and other digital currencies, the future of money is going back to its roots; exchanged between two parties, instantly and simply,” says Mark Højgaard, CEO of Coinify. “This speaks volumes about the potential of trusted, price-stable digital currencies in the e-commerce space.”

Stablecoins like the Sygnum Digital Swiss Franc does not require any obligation from the intermediaries. This indicates transactions occur in real-time, and transaction costs are more economical for retailers. Additionally, this also develops an immediate link between customers and retailers. Thus, it doesn’t require the various processes traditionally needed to approve and facilitate payments.

“Galaxus strengthened its position as an e-commerce pioneer by accepting digital currencies as a means of payment in early 2019,” comments Thomas Fugmann, CFO of Galaxus. “Enabling our customers in Switzerland and Liechtenstein to make payments on our online store with stable digital currencies like the DCHF further enhances their convenience.”

With Sygnum’s E-commerce Payment, Companies Prefer the use of Cryptocurrencies as a Payment Option.

Companies and businesses are integrating cryptocurrency as a payment means for faster and cheaper transactions. Earlier, e-commerce giant Shopify in collaboration with crypto payments platform CoinPayments introduced cryptocurrency as a payment option on the e-commerce platform. Moreover, Coca-cola, Amatil, Centrapay collaborated to enable residents in Australia and New Zealand to purchase Coca-Cola with Bitcoin. Travel agency Expedia and Travala also allied to make consumers book hotels with cryptocurrency.

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