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The leading online shop in Switzerland accepted its first payment with the digital franc

August 27, 2020

Galaxus, the largest online retailer in Switzerland, could begin Accept payments in a stable coin issued by the local crypto bank Sygnum.

According to a Tweet from Sygnum on August 27th The deal has successfully completed an online purchase using the Sygnum Bank stablecoin, known as the Digital Swiss Franc (DCHF). As officially announced, The e-commerce transaction has been activated by the crypto payment processor Coinify, based in Denmark.

Introduced in March 2020, the stablecoin Sygnum’s DCHF is pegged to the Swiss Franc and aims to eliminate the need for card schemes, reduce settlement costs and fraud, and provide instant transactions.

The leading online shop in Switzerland accepted its first payment with the digital francThe leading online shop in Switzerland accepted its first payment with the digital franc

As previously reported, Sygnum Bank claims to be the first licensed bank in Switzerland to issue a stablecoin. The bank has a digital asset bank license from Swiss authority Supervisor of Financial market, Or FINMA.

When implementing DCHF, The companies aim to leverage the global e-commerce industry valued at around $ 3.5 trillion. The new payment method should create direct connections between consumers and online retailers. The ad indicates that middlemen and related fraud will be eliminated.

Galaxus CFO, Thomas Fugmann said the launch of the new DCHF stablecoin is a big step towards a better e-commerce platform:

“If we allow our customers in Switzerland and Liechtenstein to make payments in our online shop with stable digital currencies such as DCHF, this will further increase their convenience,” said Fugmann.

The executive also emphasized this Galaxus strengthened its position as a pioneer in e-commerce by accepting cryptocurrencies such as Bitcoin (BTC) as a means of payment in early 2019. As reported, the Galaxus subsidiary Digitec Galaxus accepted payments to a number of cryptocurrencies such as BTC, Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and others. The payment method was originally available Purchases worth more than 200 francs, around 200 dollars.

Cointelegraph reached out to Galaxus to ask additional questions on the matter. This article will be updated when we have new information.

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