Hungary-based online electronics retailer 220volt.hu has announced it will now offer bitcoin as a payment option, allowing local bitcoin users the ability to buy Apple laptops, Samsung tablets and LED and plasma TVs with bitcoin.
220volt announced its decision to accept bitcoin via payments processor BitPay in a company blog post that provided a brief overview of the digital currency and its history, and that characterized the payment system as an alternative to another popular online payment tool, PayPal.
Hungary-based bitcoin enthusiast and CoinTerra vice president of Software Enterprise Tamas Blummer lauded the news as a significant development for the local bitcoin market and for local digital currency consumers.
Blummer, whose Hungarian bitcoin startup Bits of Proof was acquired by CoinTerra earlier this year, told CoinDesk:
"220volt is a well-known electronics retailer in the country. I congratulate BitPay for opening up the market."
The blog post went on to instruct customers on how to make bitcoin payments, while easing concerns about possible overpayment on purchases and directing interested readers to Hungarian-language digital currency resources.
$50 million merchant
In addition to its online presence, 220volt also has five physical retail locations in prominent Hungarian cities, including three in its capital and largest city, Budapest.
One of the country's largest e-commerce electronics stores, it is also one of the most well-reviewed, according to analysis from WebShopExperts.hu.
The website assessed 220volt on a host of factors including its web layout, mobile website and delivery and payment methods, giving it an overall rating of 6.6 out of 10, or third among the five e-commerce offerings it analyzed.
The company is privately held, and earns revenue of roughly $50m annually, according to Blummer.
BitPay in Europe
The news is also notable for BitPay, which in recent months has aimed to capture a larger share of the European market.
The Georgia-based merchant processor opened a new headquarters in Amsterdam in April, and then-CEO and current executive chairman Tony Gallippi made Europe a focal point of his comments following the company's $20m funding round in May.
At the time, Gallippi told CoinDesk:
“We’ve got a head of business development in Europe, and we’re going to be looking to add more resources to North America, South America and Europe to build our business and acquire more merchants.”
Hat tip to r/bitcoin
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