Oxio, an internet provider in Canada, became the first internet service company in the country to accept bitcoin and cryptocurrencies as payment methods.
Oxio Says “Yes” to Cryptocurrency
Oxio has partnered with Coinbase Commerce, a platform linked to the popular cryptocurrency exchange that allows merchants to accept digital currencies for goods and services. Marc-Andre Campagna, CEO and co-founder of Oxio, explained in a statement:
As the first independent digital ISP in Canada, it was easy for Oxio to offer its customers a payment method built for the people of the Internet. Canadians are increasingly interested in cryptocurrencies and we are happy to offer them a way to pay their bills with their preferred cryptocurrency, be it bitcoin, Ethereum, Litecoin or others.
For now, the service is only available to people who want to pay their bills online. With that said, this is undoubtedly a breakthrough in the space, as many cryptocurrencies were initially designed as payment methods. They were created to do away with checks, credit cards and fiat currencies, although this has been a relatively slow ride as the volatility that often accompanies digital currencies has caused many companies to say “no” to cryptocurrency payments.
The fact is that many of these companies are at risk of losing profits if they accept bitcoin. Consider the following scenario: a person walks into a store and buys $50 worth of goods with BTC. For one reason or another, the company accepting the payment cannot immediately convert BTC into fiat currency.
24 hours pass and then the price of the asset drops, causing $50 to become $30. While the person can still keep everything they bought, the store has lost profits. Is this a fair scenario? Not everyone thinks so.
The idea that Oxio is now willing to take that risk and allow bitcoin payments is a big move on their part. Furthermore, the company is clearly realizing that the crypto space is becoming bigger than anyone could have predicted. More and more people are adding digital currencies to their wallets, with 30% of millennials buying cryptocurrencies in recent years.
Marc-Andre Campagna completed his statement with:
This initiative will allow Oxio to lead the charge, offering a crypto-friendly alternative in the connectivity space.
keep things up to date
The company has a history of updating its payment methods. Oxio initially started accepting credit card payments, although it changed things to allow customers to pay directly from their bank accounts. Now, cryptocurrency has been added to the company’s mix of potential options.