After becoming the first major retailer to accept Bitcoin worldwide, Overstock announced it is now donating four percent of all its global cryptocurrency revenue to foundations that promote the use of digital money across the world. The brand’s global revenue arrives through O.co, the company’s international website.
The first organization selected by Overstock is the Chamber of Digital Commerce, the Washington-based representative of the digital commerce industry. Overstock describes the Chamber as an organization that promotes “the acceptance and use of digital assets”.
Patrick Byrne, the famous CEO of Overstock and major Bitcoin supporter, thinks “adoption [of cryptocurrency]among the technorati is fairly pervasive, but it needs to make its way into the lives of the masses in the developed and developing worlds, while avoiding the obstacles that uninformed intervention by lawmakers could impose. The Chamber of Digital Commerce will help make this possible. We’re excited to support them”.
However, the company assures that it “will be continuously evaluating similar foundations across the globe and choosing those among whom it will rotate its support”.
“An attempt will be made to align donations with foundations in those areas of the world from which the associated revenue derives”, says the statement published by the brand.
Overstock’s decision promises to be crucial in order to promote Bitcoin around the world. Byrne agrees: “the cryptocurrency movement is at a critical stage in its evolution“.