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Switzerland’s top online retailer completes transaction with digital franc

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Galaxus, the largest online retailer in Switzerland, could start accepting payments in a stablecoin issued by local cryptocurrency bank Sygnum.

According to an Aug. 27 tweet by Sygnum, the companies have just completed an electronic commerce payment using Sygnum Bank’s stablecoin known as Digital Swiss Franc (DCHF). As officially announced, the e-commerce transaction was enabled by Denmark-based crypto payment processor Coinify.

Launched in March 2020, Sygnum’s DCHF stablecoin is pegged one-to-one to with the Swiss franc, and intends to eliminate the need for card systems, reduce settlement costs and fraud, as well as provide instant transactions.

As previously reported, Sygnum Bank claims to be the first licensed bank in Switzerland to issue a stablecoin. The bank holds a digital asset bank license with the Swiss Financial Market Supervisory Authority, or FINMA.

By implementing Sygnum’s DCHF stablecoin to e-commerce, the companies intend to tap the $3.5 trillion global e-commerce industry. The new payment method is expected to bring direct connections between consumers and online retailers, eliminating intermediaries and associated fraud, the announcement notes.

Galaxus CFO Thomas Fugmann said that the adoption of the new DCHF stablecoin is a major step forward to bringing a better online retail platform. “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,” Fugmann said.

The executive also emphasized that Galaxus strengthened its position as an e-commerce pioneer by accepting cryptocurrencies like Bitcoin (BTC) as a means of payment in early 2019. As reported, Galaxus’s affiliate firm Digitec Galaxus started accepting payments in a number of cryptocurrencies like BTC, Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and others. The payment method was initially available for purchases worth over 200 francs, or about $200.

Cointelegraph reached out to Galaxus for additional queries regarding the development. This article will be updated pending any new information.





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BTC payments coming to certain Quiznos shops, thanks to Bakkt collaboration

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An upcoming collaboration between Bakkt and Quiznos will allow customers to pay for meals at certain locations with Bitcoin (BTC).

Customers will be able to pay in BTC at certain Quiznos shops in Colorado’s capital as part of an initial test run, according to a public statement on Tuesday. “The pilot will be available at select Quiznos locations across the Denver market, including the high-traffic Denver airport location, starting in mid-August,” the statement said.

Folks will be able to pay with Bitcoin via Bakkt’s app — a versatile hub for holding and spending Bitcoin, as well as managing reward points and other features. Quiznos is owned by REGO Restaurant Group. REGO’s president, Mark Lohmann, said in a statement:

“Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept bitcoin directly at the point of sale as part of a quick and seamless transaction […] As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet.”

The test run comes with an extra perk as well. Quiznos goers will earn $15 of free Bitcoin if they get Bakkt’s app, purchase some BTC on it and then spend that BTC at a participating Quiznos shop, the statement included.

“Through a partnership with Bakkt, merchants and franchisees have the opportunity to accept bitcoin payments from consumers while still benefiting from a cash-settled experience,” the statement said. The statement was not clear on whether or not Quiznos would sell the received BTC right away.

Cointelegraph reached out to Bakkt for comment but did not receive a response in time for publication.