Galaxus is the largest online retailer in Switzerland. It turns out that it may start accepting payments in a stablecoin. Local cryptocurrency bank Sygnum is the one that issued this certain stablecoin.
Some companies have just completed an electronic commerce payment. In fact, they used Sygnum Bank’s stablecoin, known as DCHF (Digital Swiss Franc), for this process.
This is according to Sygnum’s tween on August 27. The e-commerce transaction was enabled by Denmark-based crypto payment processor Coinify, as officially announced.
Sygnum’s DCHF stablecoin launched in March 2020. It is pegged one-to-one with the Swiss franc. Moreover, it intends to provide instant transactions, eliminate the need for card systems, as well as reduce settlement costs and fraud.
Sygnum Bank claims to be the first licensed bank Switzerland to issue a stablecoin as previously reported. With the FINMA (Swiss Financial Market Supervisory Authority), the bank holds a digital asset bank license.
The companies intend to tap the $3.5 trillion global e-commerce industry by implementing Sygnum’s DCHF stablecoin to the e-commerce sphere. The new payment method will most probably bring direct connections between online retailers and consumers. Thus, it will eliminate intermediaries and the associated fraud. That is what an announcement noted.
Thomas Fugmann is the Galaxus CFO. He said that the adoption of the new DCHF stablecoin is a significant step forward to bring a better online retail platform. Moreover, Fugmann said that enabling their customers in Liechtenstein and Switzerland to make payments on their online store with stable digital currencies like the DCHF will further enhance their convenience.
Also, the executive emphasized that Galaxus empowered its position as an e-commerce pioneer. This happens as it accepts cryptocurrencies like BTC (Bitcoin) as a means of payment in early 2019. Galaxus’s affiliate firm, Digitec Galaxus, started to accept payments in the number of cryptocurrencies. Thus, the list includes LTC (Litecoin), BCH (Bitcoin Cash), XRP, ETH (Ether), and BTC. Initially, the payment method was available for purchases worth over $200, or 200 francs.