LightInTheBox, online retailer which sells goods ranging from wedding dresses to electronic devices announced on January 5 that cryptocurrency is a legitimate means of payment on its main sites, LightInTheBox.com and MiniInTheBox.com. It is stated that all transactions would be processed through BitPay.
I’m glad to introduce bitcoin as a new payment channel to our customers. We think blockchain could potentially be an important technology for us.
Right after the announcement the company saw its shares surge from US$2.38 to US$3.52 at the start of trading on Monday. The shares later retreated, finishing Monday at US$2.81.
Before yesterday’s surge, the share price had shed 26% between early January last year and January 2, 2018.
However, LightInTheBox is not the only US-listed Chinese company to see its share price spike after announcing an interest in cryptocurrencies. Chinanet Online Holdings, a Nasdaq-listed internet company, surged more than 600% on January 4 after it said a day earlier it would collaborate with another Chinese firm to develop blockchain-related technologies.