It’s no surprise that more and more companies are adopting new forms of payment, especially those who are digital first. Harrogate based Online Shop has now become the first British e-retailer to provide payout options in crypto.
The company was originally founded by entrepreneurs Terry McGinnis and Joe Todd, with venture capital backing by Robin Vauvelle and several other notable A-list investors, and now boasting a 20,500 square feet fulfilment centre in the heart of Britain and aiming to employ over 20 people by end of 2021.
Co-Founder and Chief Executive Officer, Terry McGinnis made the following statement to Disrupt:
“We’re very proud to be able to offer different payout options, I’m a big believer in decentralized finance, it’s the future of all commerce and provides everyone with the opportunity to better invest, re-invest and manage their liquid capital. We heard feedback from our sellers, and we understand being one of the first to offer the ability to payout in BTC puts us at a slightly better advantage compared to our competitors.
This is the difference between us and other e-commerce brands, we’re quick to adapt and are welcoming of change. We’re looking at other options as well, such as Ethereum and BNB, among several other crypto coins/tokens. We’re in talks with several crypto payment processors to be able to extend this solution, not only for our sellers but to our customers too.”
Online Shop is the first in UK to be able to offer crypto as a form of payment and settlement of funds with other e-commerce brands reportedly soon to follow.
The company was launched after the successful opening of Cozy, UK’s leading comfort marketplace, as the “One Stop Shop” for everything, from digital only products to physical goods such as clothing and furniture. It is also looking to expand further abroad eyeing Latin America, Middle East and Continental Europe as it’s first foray into foreign territory.
Before it’s start, both founders were apart of another San Jose based start-up which aimed to capitalize on the growing dropshipper market, connecting suppliers to those looking to quickly make a profit by re-selling goods without having to hold stock. This venture led both of the founders to find a marketing agency with a high demand from suppliers of the brand which then transitioned into a marketplace dedicated to UK only, Cozy.
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