Online mega-retailer Overstock.com earlier this year announced plans to donate a portion of their bitcoin revenue to cryptocurrency-related causes, and today, the Utah-based company has confirmed the plans.
Overstock says they’ll be donating 4 percent of bitcoin revenues toward cryptocurrency adoption — something company CEO Patrick Byrne (pictured) has evidently become passionate about since announcing Overstock’s support for bitcoin late last year.
Coupled with the announcement today was news that Overstock has chosen Perianne Boring’s Chamber of Digital Commerce as the initial recipient of a donation. The Chamber is pro-cryptocurrency and was established to further the cause of digital currency predominantly in the nation’s Capital where lawmakers gather.
“The cryptocurrency movement is at a critical stage in its evolution,” said Byrne in a press statement. “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.”
This is just the first was what will hopefully be a number of donations to similar organizations. The company says they’ll be “continuously evaluating” said organizations “and choosing those among whom it will rotate its support.”
They add, “An attempt will be made to align donations with foundations in those areas of the world from which the associated revenue derives.”
Overstock.com has stood as a beacon in the bitcoin/cryptocurrency community for not only accepting bitcoin, but keeping a portion of the revenues. These latest actions only increase support in the community for this company, who hopes to increase adoption among the mainstream just as most enthusiasts do.