We all know how Bitcoin has taken off in the last year – with the extensive publicity and meteoric rise (and fall) in value; big names such as Richard Branson & Andreessen-Horowitz getting on board; and retailers such as TigerDirect.com, Shopify, Zynga, & Overstock.com began accepting the currency – the writing was already on the wall, Bitcoin is not going anywhere even though naysayers think otherwise. Yesterday (29th May, 2014) another huge announcement was made in favor of the digital currency – Satellite TV provider Dish Network, became the largest known company to begin accepting Bitcoin.
"We always want to deliver choice and convenience for our customers and that includes the method they use to pay their bills," stated the Executive VP and COO of DISH, Bernie Han, in a press release. "Bitcoin is becoming a preferred way for some people to transact and we want to accommodate those individuals," he added.
- Coinbase was chosen by DISH as the payment processor to enable Bitcoin transactions with its users that wish to pay their bills online via this method.
- Coinbase’s Instant Exchange feature will be leveraged by DISH in order to convert Bitcoin payments to U.S dollars at the ‘instant of transaction’.
- The company says that Bitcoin payment option will be made available for DISH users that decide to make one-time payments on mydish.com, beginning Q3 of 2014.
- Users will can of course still make any payment online through their traditional debit card, bank account or credit cards as always.
"We're excited to support DISH and their current and new subscribers for their bitcoin transactions," stated Fred Ehrsam, Co-Founder of Coinbase, in the same release. "This is a large step forward in the growing momentum of customers paying companies in bitcoin for things we do every day, like watching premium TV," he added.
"As a bitcoin payment processor, Coinbase will help DISH make the payment experience easy for our customers and make it easy for DISH to receive immediate credit in dollars, at an attractive cost for DISH," commented Bernie Han.
About DISH Netowork:
DISH Network Corporation via its subsidiaries, provides around 14.097 Mn pay-TV subscribers, as of March 31, 2014, with the highest quality programming and technology with the most choices at the best value, says the company. Subscribers enjoy a high definition line-up with more than 200 national HD channels, the most international channels, and award-winning HD and DVR technology. DISH Network Corporation is a Fortune 200 company.
Coinbase was co-founded in June, 2012 by Brian Armstrong (CEO) and Fred Ehrsam with Mark Peter Davis as an investor. The company has received a total funding of $31.9 Mn from investors Alexis Ohanian, Y Combinator, Greg Kidd, Garry Tan, FundersClub, Union Square Ventures, Ribbit Capital, SV Angel, Red Swan, Interplay Ventures and Andreessen Horowitz. With the latest round of funding, Andreessen Horowitz’s Chris Dixon along with Union Square Ventures’ Fred Wilson will join Coinbase’s board.
On August 1st 2013, Coinbase reached a milestone of 200,000 users. That was quickly followed in mid-October by the news that they had reached 300,000 users. In December 2013, there are more than 600,000 consumer Bitcoin wallets on Coinbase. The company says that they are averaging 10,000 new customer sign-ups a day, and are now working with over 16,000 merchants including Khan Academy, OkCupid and Reddit, who use Coinbase to accept Bitcoin.