New web platform gives Bitcoin users a way to get their hands on the latest fashion
With Bitcoins becoming an evermore popular form of currency, one startup called Bitfash is trying to help you spend them on clothing from top fashion brands.
Launched in April by founders Chris Woods and Keyur Kelkar, the company is based in Australia and China The inspiration came from the idea that Bitcoin traders might want to do more than just hoard their hard-earned currency, and actually spend it on something.
Bitfash acts as an intermediary between buyers and fashion retailers, meaning that once you use Bitcoins to make a purchase via the company’s web platform, they then go on to arrange the delivery from the seller. Their current roster includes Zara, Forever 21 and Mr.Porter, with a fourth on the way in the next few weeks.
The company doesn’t actually have any commercial agreements with these companies, but they make sure to stick closely to the retailers’ policies – a good example being that they won’t ship to countries the retailer doesn’t ship to.
Profit is generated from transactions fees and the customer base is mainly male, tech-savvy and aged between 18 and 40. Most buyers are located in the U.S., followed by Asia and Europe.
With other companies also offering similar services for a wide range of items, the number of Bitcoin intermediaries in likely to continue increasing.