Rosetta Coffee Company Now Accepts Cryptocurrency Payments Via New E-Commerce Platform

Omar Faridi
  • Virginia-based Rosetta Coffee company will start accepting cryptocurrency payments.
  • The coffee beans provider will accept Bitcoin (BTC), Litecoin (LTC), Bitcoin Diamond (BCD), among others.

Rosetta Coffee, a Lynchburg, Virginia-based “small batch specialty coffee roaster”, has announced that it will be accepting cryptocurrency payments.

The announcement’s press release has noted that Shopping Cart Elite’s e-commerce platform will be used by the Rosetta Coffee company to accept payment in the following digital currencies: Bitcoin Diamond (BCD), Bitcoin Cash (BCH), Bitcoin (BTC), Dash (DASH), Ethereum (ETH), Litecoin (LTC) and Zcoin (XZC).

"Improving Customer Experience"

As a company that provides “whole bean coffee and brewing supplies” to cafés and workplaces, Rosetta Coffee’s management plans to “improve the e-commerce shopping experience” for its customers.

Commenting on the importance of integrating new payment systems, Aaron Skeen, the co-founder of Rosetta Coffee, remarked:  

We are excited to partner with Shopping Cart Elite to accept cryptocurrency as a payment method on our website. You'll be able to buy freshly roasted, amazing coffees without having to exchange for cash.

Aaron Skeen

Skeen added that accepting crypto payments would allow the company to offer its products to “new international customers, knowing that the purchase is guaranteed” - because cross-border digital currency transactions can be conducted without traditional banks that have strict rules regarding which geographical locations they will serve.

"Commitment To Purchasing Fair-Trade Coffee"

Moreover, adopting cryptocurrency is inline with Rosetta Coffee’s “commitment to purchasing fair-trade coffee” - as farmers will benefit from the company’s new e-commerce initiative, the press release mentioned.

Explaining how digital currency payments will allow farmers to earn more, Skeen said:

Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn. We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we'll be working with farmers to iron out this process and make it more accessible.

Aaron Skeen

Despite the rapid advancements in financial technology, Rosetta Coffee’s press release pointed out that the current banking and e-commerce system has many security issues, in addition to frequent payment delays and high fees.

Accepting Crypto Can Help Small Businesses

Having to work with an inefficient and expensive financial system can make it quite difficult for small businesses and startups to offer their services at competitive rates, and Rosetta Coffee is hoping that its crypto e-commerce platform will help it to “overcome the barriers of international expansion.”

Elaborating on the different challenges Rosetta Coffee has faced as a small business, Skeen said:

We've always been restricted from selling to international customers due to poor merchant protection from Visa and Mastercard. We are excited that cryptocurrency allows us to start offering our coffee to new international customers, knowing that the purchase is guaranteed no matter which country they are located in.

Aaron Skeen

As CryptoGlobe reported recently, the Great Lakes Science Center, one of the largest museums and education centers in the US, has started accepting bitcoin (BTC) payments. Notably, it is only the third museum in the US that accepts crypto as payment.

Top-Tier Crypto Exchanges' Volumes Climb Back to One-Third of Total Market Share

The aggregate trading volume of top-tier cryptocurrency exchanges has increased by 61.2% during the month of January, while the volume of lower-tier crypto exchanges increased 46.4%.

According to CryptoCompare’s January 2020 Exchange Review, the trading volume of top-tier crypto exchanges – those rated AA-B according to its Exchange Benchmark – climbed last month to represent 29.3% of the total trading volume in the space.

The rise is significant as in December, the cryptoasset data provider’s report showed top-tier cryptocurrency exchanges were seeing their trading volumes drop as they lost market share to lower-tier crypto exchanges, those rated C-F. At the time, they represented 26.4% of the cryptocurrency market’s total trading volume.

top tier trading volumesSource: CryptoCompare Exchange Review

The report further found that exchanges that charge taker fees represented 76% of the total volume last month, while those that implement the controversial trans-fee mining (TFM) model represented 22%.

It also found that regulated bitcoin derivatives are still dominated by the CME, whose total trading volumes went up 145.6% since December. Grayscale’s Bitcoin Trust product (GBTC) saw its total trading volume rise 131% since December.

As for derivatives trading on cryptocurrency exchanges, in January OKEx represented the majority of daily derivatives volumes, trading $4.96 billion per day and capturing 31.1% of the total market share. Huobi traded $4.29 billion a day for 26.9% of it, while BitMEX traded $3.13 billion for 19.6%.

Pure crypto-to-crypto exchanges notably represented 75.4% of the market’s trading volume, in a similar proportion to the last two months. The stablecoin space, per the report, is still dominated by Tether’s USDT, as it still represents 94% of the total Bitcoin trading volume into the top four stablecoins.

Decentralized Exchanges Lose Trading Volume

CryptoCompare’s report also addresses decentralized cryptocurrency exchanges, noting IDEX was the largest one in January. It traded a total of $10 million as its trading volume went up 25.4%, and it was followed by Switcheo and Bitsquare. While these platforms’ volumes went up, DEXs as a whole have been losing volume.

dex CHARTSource: CryptoCompare Exchange Review

According to the report they have diminished 88% since early 2019 to now represent a small fraction of the global spot exchange volume. In January, decentralized trading platform traded $17.8 million in total, representing 0.003% of the market. In January 2019, for comparison, they traded $148 million.

Featured image via Unsplash.