Bitcoin is everywhere now and the latest name that has started accepting them is Cory Vines, the Warby Parker of Activewear. In its announcement, the company said that it was a logical step to accept the innovative payment method. Daniel Lieberman, founder of Montreal-based Cory Vines admitted that his organization positioned itself as a technology-enabled brand, and wants to stay ahead of the curve.
Now, it sounds as if accepting Bitcoin was a part of the plan, particularly after some of its customers in the US and Canada started asking for it. The organization which has 70% of its business in the U.S. and 30% in Canada, cannot reject the interest shown by some of its customers in the two countries which in fact have several online retailers accepting Bitcoin.
Daniel Lieberman said that it’s an opportunity to be active in giving people a new way to pay. Not long ago, Cory Vines was founded in April 2013 as an e-commerce brand that sells what it called “minimalist low-cost” Activewear, has carved a niche for its clothing that includes t-shirts, tanks, leggings, workout shorts and post-workout clothing for men and women.
The best part associated with this retailer is that its clothing generally sells for $20 to $50. Also, Lieberman says that as his organization has tried to bring products that match the market demography and fit well with Bitcoin, the latest step was just natural.
Younger Generation Prefers Innovative Payment Solutions
Lieberman says that as most of his customers are younger people, Gen Y consumers or young parents that are looking for an alternative to some of the higher end products that are on the market, it was a responsible reply for them to provide innovative payment solution Bitcoin. Currently, his organization uses Stripe to process online payments made with conventional payment methods.
However, it uses Bitcredits to accept Bitcoin payments as according to Lieberman Bitcredits manages the risks associated with Bitcoin, such as security and market volatility quite well. He says that there’s no risk at all, Bitcredits does whatever they have to do the hedge the risk of Bitcoin. He rules out any fear among customers regarding security in Bitcoin payment.
Though Bitcoin’s volatile prices are still a worry for the retailers, the addition of new ones in the list of the ones accepting it is going up every passing week. Nonetheless, as acceptance of Bitcoin expands, retailers expect that its prices go stable.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org