Newegg took to Twitter to announce that it is now integrating Litecoin payments on its e-commerce website. The integration comes with BitPay announcing that they now accept Litecoin payments. The payments provider said this in a press release on July 29th, announcing support for LTC in its app, BitPay Wallet. Furthermore, the press release revealed that Newegg will be the first merchant to accept Litecoin through BitPay. Keeping in line with the merchant being the first to accept bitcoin payments back in 2014.
Newegg is one of the biggest retailers focused on items including computer hardware and consumer electronics. The commerce company boasts over 32 million users. And now their millions of users are now able to check out their items from Newegg using LTC.
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“As the first major online shopping destination to work with BitPay to accept Bitcoin and now Litecoin, Newegg supports our early-adopter customers globally and emphasizes our commitment to bring innovation to the online shopping experience. The excitement and momentum around cryptocurrency are undeniable, and we are committed to making it easy for our customers to shop online.” – Andrew Choi, Senior Brand Manager at Newegg.
Newegg And BitPay
The partnership between Newegg and BitPay is not a new one. Back in 2014, the pair had first partnered up to set up bitcoin payments for Newegg customers in the United States. And later on, users in Canada were able to check out using bitcoin.
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The success of the partnership so far continues to fuel their continued collaboration. Now, Litecoin is the latest addition, with Newegg quoting the fast transactions and low fees a major reason for the acceptance. For an e-commerce company the size of Newegg, these features make it an ideal addition.
“Litecoin’s fast transaction times and super low fees are ideal for an e-commerce giant like Newegg,” said Charlie Lee, creator of Litecoin. “We’re extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchants to accept LTC.”
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Litecoin continues to offer cheap transactions fees to crypto users around the world. The peer-to-peer internet current provides instant and near-zero cost payments for transactions sent anywhere. Faster transaction confirmation times are also a key feature that makes Litecoin an ideal payment system for e-commerce giants like Newegg.
Litecoin Price Reaction
There hasn’t so far been any significant movement in the price of Litecoin since the news broke. The coin continues to trend low following the recent dip. But has made a small recovery.
LTC price currently trending around $137 | Source: LTCUSD on TradingView.com
Newegg’s announcement for Litecoin payments exposes millions of customers to the cryptocurrency. A new way for users who had not considered being able to pay for their goods with cryptocurrencies. Over time, this could bring more adoption to crypto as more people see it as a way to pay for things online.
The price of LTC is down 2.76% over the last 24 hours. Currently trading at $137.54 at the time of writing.
Featured image from InvestingCube, chart from TradingView.com