SALT LAKE CITY – Jan. 9, 2015 – As part of Overstock.com’s effort to encourage mainstream adoption of digital currencies like Bitcoin, the online retailer installed a Bitcoin ATM at its corporate headquarters in Salt Lake City. The ATM, which will be accessible to the public 24 hours a day, allows users to safely convert U.S. dollars to Bitcoin, and Bitcoin to U.S. dollars.
“Moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes at all levels of the financial ecosystem,” said Overstock.com CEO Patrick M. Byrne. “An important part of this effort is making it easier for people to convert their digital money to cash, and vice versa.”
Overstock.com began offering Bitcoin as a payment option to its customers on Jan 9, 2014. In the year since the adoption of the cryptocurrency, customers have made $3 million in Bitcoin purchases with the online shopping site. Byrne said the addition of the ATM is, in part, a commemoration of the success of the company’s experiment with cryptocurrency.
Byrne noted that, as a further indication of the company’s commitment to the new technology, Overstock.com is preparing to offer employees the option of being paid in Bitcoin, and the presence of an ATM on site makes that option a much more viable one.
Based on analysis of the company’s first year of sales to Bitcoin users, Overstock.com’s home state of Utah is the state with the second highest adoption of Bitcoin in the nation, accounting for population, following only New Hampshire.
North Carolina based CoinOutlet, Inc. manufactured and delivered the ATM to its new home at Overstock.com. This unit, with bank grade security, is one of only four machines the company has in operation throughout the U.S.
Overstock.com’s company headquarters is located at 6350 S. 3000 E. in Salt Lake City, Utah.
Overstock.com, Inc. (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock #4 in customer service among all U.S. retailers. Overstock sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
About CoinOutlet, Inc:
CoinOutlet is a rapidly growing startup that manufactures AML / KYC compliant Bitcoin ATM’s with two-way transaction via a recycler and secure fulfillment services with bank grade security. It provides a convenient means for the general public to safely buy and sell bitcoins with cash. CoinOutlet is proudly supported by its lead investor Bitcoin Shop, Inc. (OTCQB: BTCS) which is building a universal digital currency platform under the BTCS (“Blockchain Technology Consumer Solutions”) brand.
More information about CoinOutlet can be found at www.coinoutletatm.com
Coin Outlet Inc.
Branding & Communications Director,
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Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended Sept. 30, 2014, which was filed with the SEC on Oct. 28, 2014, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.
Kirstie Burden, Overstock.com, Inc.
+1 (801) 947-3116
Mark Harden, Overstock.com, Inc.
+1 (801) 947-5409