One of Switzerland’s largest online retail stores might be on its way to offering cryptocurrency payments issued by Sygnum, a digital currency bank in the region.
According to a tweet by Sygnum the retailer, Galaxus will be accepting payments using Sygnum’s native cryptocurrency, known as the Digital Swiss Franc (DCHF). The token also doesn’t face the same volatility as known in the cryptocurrency market, given that it has a 1:1 peg tied to the Swiss Franc.
????Announcement: @coinify & @Galaxus enable world’s first e-commerce payment using Sygnum Bank #DCHF stablecoin. The Sygnum Digital Swiss Franc (DCHF), pegged 1:1 with the Swiss Franc, eliminates the need for card systems, reduces costs & fraud, & processes real-time transactions.
— Sygnum Bank (@sygnumofficial) August 27, 2020
Along with Coinify, a Danish cryptocurrency payments process service provider, shoppers will be able to make payments at the online Galaxus store using the digital bank’s stablecoin. According to Syngum, DCHF has been designed to reduce settlement costs, prevent fraudulent activity, eliminate the need for any card and cash payments, and offer instant transaction without any banking delays.
Accepting cryptocurrency makes Galaxus: An “e-commerce pioneer”
As online retailers have been cautious to adopt cryptocurrency into their payments systems, Galaxus’ move stands as an innovative one in the industry. Mark Højgaard, Coinify’s CEO commented on the launch:
“With the DCHF and other digital currencies, the future of money is going back to its roots; exchange between two parties, instantly and simply. This speaks volumes about the potential of trusted, price-stable digital currencies in the e-commerce space.”
“Galaxus strengthened its position as an e-commerce pioneer by accepting digital currencies as a means of payment in early 2019. 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.”