Digital currency-only electronics online store CoinsForTech, announces the launch of its Bitcoin shopping portal and wallet: OneWallet.io.
Queensland-based CoinsForTech has launched its global online marketplace for Bitcoin users, and has already signed up an impressive number of merchants with over 600 products, including electronics, fragrances, clothing, make-up, watches, and mining equipment. The platform is shipping worldwide and offers ultra-competitive prices as well as buyer protection, reads the company's announcement.
According to the release, OneWallet.io was built on a similar business model than eBay and holds the belief that trades can't be much improved with a global, non-discriminatory payment method like Bitcoin. Founder Lee Marburg stated:
"By using Bitcoin as the medium, we are significantly lowering the cost of trading internationally. Our marketplace allows for buyers and sellers across the world to transact without worrying about exorbitant currency conversion costs or lengthy transaction times."
Electronic online store CoinsForTech has processed over AU$500,000 worth of digital currency purchases in 56 different countries, and it is following this success that the founders realized the opportunity underlying this form of trade, as well as its increasing global demand.
OneWallet said it allows merchants to benefit from the growing popularity of digital currencies and their new business opportunities. Merchants can choose to either list or auction their products, without any fee. OneWallet charges a 2% commission only if the good is effectively sold.
The company automatically generates a wallet to registered users of its marketplace. It is not mandatory the use OneWallet's wallet, but the company advices digital currency beginners to do so, as it allows novices to sell and receive payments without the need of having much technical knowledge in cryptocurrencies. The company said its platform aims to "provide a relatively hands-off method for beginners to become involved in Bitcoin."
Buyer Protection is purchased by 'BusinessVerified' merchants, and OneWallet stated it will ensure that merchants fulfill their engagements, and guarantees refunds if they don't. The company puts a lot of effort in respecting its clients' privacy concerns, and doesn't ask for sensitive easily compromised information so "[users] can stay as anonymous as [they] would like."
OneWallet's launch comes few days before "Bitcoin Black Friday," a tradition among the community where merchants offer sales opportunities to Bitcoin users. Last year, the event gathered more than 600 merchants, and US$6 million worth in Bitcoin sales was reported. Recently, the American Red Cross, which recently announced partnering with BitPay to enable donations in bitcoins, stated it will also be participating in the event.