French Tobacco Shops Start Selling Cryptocurrencies

Digycode, the French company, and Ingenico, the national point of sale (POS) service provider has made the purchase of cryptocurrency a lot easier for French citizens. Together, they have made it possible to buy cryptocurrencies offline through any of the 10,000 tobacco shops located in France. This accounts for less than half of the total number of tobacco suppliers in the country. The shops are currently offering BTC, ETH, LTC, XRP, and Dash. BCH and XMR are expected to be added to this list in coming months.

Since its launch back in August 2017, Digycode, the Toulouse-based subsidiary of the Digital Service company has not gained the attention towards its cryptocurrency offerings. Though the company is managing to rake in handsome profits by selling its prepaid costs. This service has brought in a revenue of €1 million (1.1 million) through catering over 20,000 customers.

Digycode aims to expand its reach into the market through its partnership with Ingenico, which has POS terminals installed across 10,000 shops in France, helping the former expand its customer reach. This move effectively gives Digycode access to 42% of the market.

The French tobacco shops usually sell multiple products apart from their core business such as national lottery tickets, mobile recharge vouchers, the facility to pay utility bills and a varied selected of newspapers and magazines. This makes it a great place to sell cryptocurrencies.

The service was rolled out to the public on February 11, 2019, and will be available at all tobacco shops that are equipped with Devlyx cash registers, which is popular with tobacco enthusiasts and newsagents. 

The vouchers available for purchase will be valued at €20 ($23), €50 ($57), or €200 ($226) and users will be able to convert them into digital currencies through the Digycode website. The currencies that are offered presently are Bitcoin core (BTC), Ethereum (ETH), Litecoin (LTC), Dash and Ripple (XRP).

The platform will charge 8 percent for their services while providing a safe way to purchase cryptocurrencies. The parent company, Digital Service has been an active force in the cryptocurrency space in France since 2014. It launched the Zebitcoin platform for crypto purchases back in 2016.

Interested users should take note that using Digycode’s services will require a KYC verification.

Pierre Guy Bareges, CTO Digital Service said 

“We strive to democratize access to cryptocurrencies for the general public by making local availability and simplicity at the core of our product. Prior to Digycode, buying cryptos in cash was a cumbersome experience especially if you happened to live in small towns or rural areas.”

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