Last Thursday Overstock launched an updated international checkout system which allows the acceptance of Bitcoin globally.
Today Overstock formally announces its commitment to donating 4 percent of all its global Bitcoin revenues to foundations working to defend and further the adoption of cryptocurrencies. Overstock’s international revenue arrives through O.co, its international brand and site.
Overstock has initially selected the Chamber of Digital Commerce, known as a representative of the digital commerce industry in Washington, DC. The Chamber’s goal is to promote the acceptance and use of digital assets. Overstock 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.
“The cryptocurrency movement is at a critical stage in its evolution,” said Overstock CEO Patrick Byrne. “Adoption 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.”