SALT LAKE CITY, Jan. 9, 2015 (GLOBE NEWSWIRE) -- As part of Overstock.com, Inc.'s (Nasdaq:OSTK) 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 is accessible 24 hours a day and allows the public to 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 digital money ATM accessible."
Overstock.com began accepting Bitcoin as a purchase payment option on Jan 9, 2014. In the year since the move, customers have made $3 million in Bitcoin purchases onsite. Other adopters have followed suit. Byrne said the addition of the ATM is, in part, a commemoration of the success of the company's cryptocurrency initiative.
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 more viable.
Based on analysis of the company's first year of sales paid for with Bitcoin, accounting for population, Overstock.com's home state of Utah is the state with the second highest adoption of Bitcoin in the nation. New Hampshire ranks first.
North Carolina-based CoinOutlet, Inc. manufactured and delivered the ATM to its new home at Overstock.com. This ATM, with bank grade security, is one of the first four operational machines CoinOutlet has installed in 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.
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 regarding the future employment of Bitcoin in company programs and payment systems, and 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.