Shopping announced last Tuesday, October 26, through its Twitter account, its integration with Amazon Sweden, which is why it is now available on the platform.
“Shopping.io is delighted to integrate Amazon Sweden! With this integration, we are excited to bring the nineteenth largest e-commerce market, Sweden, to buy with cryptocurrencies”, he said through an article published on the Medium platform.
As explained by the company, Sweden is the 19th largest e-commerce market with a revenue of US $13 billion in 2020. The line penetration of 73% in Sweden; that is, 73% of the Swedish population has bought at least one product online in 2020. The percentage would be because in Sweden, 94.8% of the population is connected to the Internet, which makes it the fifth most connected country of the world. It is so connected because the Swedish government has put in place a plan for what they call a “fully connected Sweden”, which aims for 100% of the population to have access to broadband connection at home and in the workplace by 2025.
“It is an exciting idea to know that we can offer new means of buying products online, to a country that aims to connect all of its citizens to the Internet”, said Arbel Arif, founder and CEO of Shopping.io.
In his view, Sweden has one of the highest gross domestic products per capita and is considered the seventh richest country in the world. The Swedish economy is based on the engineering, telecommunications, automotive and pharmaceutical industries. Sweden has a developed IT sector and is interested in blockchain projects.
Furthermore, he highlighted that Sweden has not banned Bitcoin, but has established a regulatory framework for it. Swedish Bitcoin regulations consider mined bitcoins to be income from a hobby and have no taxes on mining, if done in Sweden by individuals. The Swedish Financial Supervisory Authority is the body responsible for regulating Bitcoin and requires crypto services to report Bitcoin trading as a financial service.
“The Shopping.io team is delighted that the Swedish market is joining our platform, allowing them to use their crypto to shop on Amazon Sweden, making the buying and receiving process easier and faster. This integration is another important step for our platform as we work to build the future of crypto electronic commerce”, he said.