In recent years, if online retailers have been proving anything, it’s that new technologies can completely change how things are done. Now, cryptocurrency payments might soon find use in purchasing groceries courtesy of a new online marketplace called, CoinGrocer.
The new online store announced June 1st that it plans to launch an initiative that will focus on cryptocurrencies. CoinGrocer has a marketplace that consists of more than 21,000 natural, organic, gourmet and beauty products. This info comes according to a recent Twitter post. Additionally, the post claims that they accept cryptocurrency payments and currently support Monero (XMR), Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
CoinGrocer creators developed the idea from a shared vision of one day being able to purchase grocery items using cryptocurrencies. They decided to take action by creating an online grocery store that accepts payments in the form of digital currencies. Additionally, their idea was to make it more appealing by selling organic products. They achieved their goal by partnering with global payments provider, GloBee.
GloBee CEO Felix Honigwachs, revealed in an interview that the CoinGrocer partnership will provide a direct link between his company’s payment gateway and fresh organic groceries. Additionally, online store shoppers will be able to make payments with their preferred cryptocurrency since it will support multiple digital coins.
One of the main driving forces behind this initiative was a need to push for crptocurrency adoption. The founders of CoinGrocer are hopeful digital currencies gain more value. The grocery industry is one of the most lucrative in the retail industry. This is because they are essential to nearly every household. It is therefore easy to reach the multitudes through grocery shopping and encourage customers to use cryptocurrencies.
Customers who use the website will be able to purchase groceries using Visa for BitPay cards. Although only a few cryptocurrencies will be viable, the owners of the website also plan to eliminate the use of Visa cards and add support for more cryptocurrencies. One current CoinGrocer downside is it’s limited to 48 states in the U.S. despite a large global market for cryptocurrencies.
CoinGrocer might spearhead a movement leading to widespread adoption of cryptocurrency, especially if more merchants jump on board. Some believe the concept could encourage more businesses to start accepting cryptocurrencies as a payment form.