2022-1-30 17:16 |
Elevate Brands has announced its partnership with Coinbase Prime to allow Amazon marketplace sellers that want to quit to receive payment in Bitcoin and other cryptocurrencies.
Elevate Brands is working on acquiring and running businesses on Amazon FBA. The firm will do this through a “Cash or Coin” program.
A major move in crypto adoptionFinalizing a business deal through crypto is a major step towards boosting cryptocurrency adoption. Elevate will be the first aggregator on Amazon to offer crypto as part of exit transactions.
The CEO of Elevate Brands, Ryan Gnesin, commented on this development saying,
This move puts us at the forefront of a new digital age. We’ve learned that FBA sellers are already well entrenched in crypto, so we are thrilled to be the first company in the Amazon ecosystem to offer the option of Cash or Coin.
Gnesin added partnering with Coinbase will enable Elevate to move a step closer towards boosting its brand awareness.
The initiative is already running. In 2021, Elevate acquired Nick Eary’s company, and the latter will receive payment in the form of Bitcoin. By receiving payments on Coinbase Prime, these businesses will benefit from low fees and high trading volumes. Eary is the first Bitcoin payee of Elevate’s Cash and Coin program.
Initiative extends to a referral programElevate Brands will not just have crypto payouts in its acquisition program but also its referral program. A successful referral will earn an individual up to $500,000 in cash or crypto.
Empowery Ecommerce Cooperative has received the first referral payout in crypto. The founder of the organization, Steve Simonson, said that the organization believes the Cash or Coin program to be “a unique opportunity to encourage our members to learn more about how crypto is changing the world.”
Elevate Brands has expanded its portfolio by acquiring 32 Amazon FBA private label brands. The company is currently acquiring a record three to four businesses per month. It recently opened its second headquarters in Austin, Texas. In 2021, its network of global marketers and operators increased by over 500%.
The post Amazon marketplace owners can now be bought out in crypto appeared first on Invezz.
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