Oxio – an internet provider in Canada – has become the country’s first internet service company to accept bitcoin and cryptocurrencies as methods of payment.
Oxio Says “Yes” to Crypto
Oxio has partnered with Coinbase Commerce, a platform tied to the popular crypto 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 obvious for Oxio to offer its customers a payment method built for the people of the internet. Canadians are more and more interested in cryptocurrency, and we’re happy to offer them a way to pay their bills with their preferred cryptocurrency, whether it’s bitcoin, Ethereum, Litecoin, or others.
For now, the service is only available for people looking to pay their bills online. That said, this is arguably a big move forward in the space given that many cryptocurrencies were initially designed as payment methods. They were created to push checks, credit cards, and fiat currencies aside, though this has been a relatively slow journey given that the volatility that often comes with digital currencies has caused many companies to say “no” to crypto payments.
The fact is that several of these companies are in danger of losing profit if they accept bitcoin. Consider the following scenario: a person walks into a store and buys $50 worth of merchandise with BTC. For one reason or another, the company that accepts the payment is not able to convert the BTC into fiat right away.
24 hours go by and then the price of the asset goes down, causing that $50 to turn into $30. While the person still gets to keep everything they bought, the store has lost profit. Is this a fair scenario? Not everyone thinks so.
The idea that Oxio is now willing to take such a chance and permit bitcoin payments is a big maneuver on its part. In addition, the company is clearly realizing that the crypto space is getting bigger than anyone could have anticipated. More and more people are adding digital currencies to their portfolios, with 30 percent of millennials having purchased crypto in just the last few years.
Marc-Andre Campagna completed his statement with:
This initiative will allow Oxio to lead the charge by offering a crypto friendly alternative in the connectivity space.
Keeping Things Up to Date
The company has a history of updating its payment methods. Initially, Oxio began accepting credit card payments, though from there, it changed things to allow customers to pay directly from their bank accounts. Now, cryptocurrency has been added to the firm’s mix of potential options.
At the time of writing, customers can pay with bitcoin, bitcoin cash, Dai, Ethereum, Litecoin, and USD Coin, a popular stable currency.
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