The digital currency world has a new special ingredient to improve its flavour. It’s called Bitfash and it will help you spend your Bitcoins on clothing and accessories from the biggest fashion brands. Yes, even the ones that aren’t still accepting digital currency.
The new start-up Bitfash, based in Australia and China, works as an intermediary between retailers and shoppers. This platform allows you to browse online stores and buy the items through Bitfash, using Bitcoins. The company then arranges for your newly bought products to be shipped directly from the seller to you.
After its launching in April, Bitdash’s catalog now features three major brands for now – Zara, Forever 21 and Mr. Porter -, but a fourth brand will be added in the next two weeks.
The founders Chris Woods and Keyur Kelkar are the brains behind this idea. “We started learning more about the space from an entrepreneurial perspective and saw that most businesses taking Bitcoins are electronics-based. So we tried to look ahead into the future and see where there is potential for mainstream adoption. [Keyur Kelkar] and I both have an interest in fashion, so it was a no brainer and that’s why we really went for it”, says Chris Woods.
“What you will see going forward is stronger exchanges and more businesses, more regulation, bringing in new users and the currency will become quite steady”, the co-founder adds.
According to Chris Woods, Bitfash does not alter prices or shipping fees and the store’s terms are strictly followed. Like usual, Bitfash makes money through transaction fees and the idea is proving to be a true success, since the startup has been approached by more online fashion retailers who want to be included on the website.