Fancy.com, a popular online marketplace and an app with visual aesthetic borrowed from Facebook, has been supporting Bitcoin since 2013.Shoppers on the website can get a special discount when paying with cryptocurrency.
The marketplace features stores from different sellers who offer a wide range of products from collectible and designer products with the fittingly high prices to affordable thrift store or gift items. One can browse a hand-made Cotodama Lyric Speaker for $5-6,000, Rolex GMT Mater II for $1,700 and a $19 Basketball-shaped shoulder bag on one page. It’s easy to see why the company added crypto payment option early on: With such hefty prices the credit card fees tend to skyrocket.
And the website seems to be thriving. In the past five years, Fancy has had about 1,000 bitcoin transactions averaging $1,000 each, which translates to about $1 million in Bitcoin revenue.
Following the newly added support for Bitcoin Cash, the company reportedly is going to open a brick-and-mortar store in downtown Manhattan. The sore will feature a cryptocurrency ATM so that the customers could make purchases without cash or a credit card.
Recently, Fancy switched from Coinbase to BitPay as their crypto-payments processor. The reason was Coinbase deprecated its Coinbase Merchant Tools in favor of the new Coinbase Commerce platform.
“They stopped doing the instant conversion to U.S. dollars and that is a requirement for us operating a marketplace,” explains Fancy CEO Joseph Einhorn.
Another reason for the transition was transactions being flagged as fraud that were actually alright.
“If you sell a bag for $30,000 in Bitcoin, and that’s more than Coinbase’s weekly limit that they can cash people out at, it starts creating problems,” said Mr. Einhorn in a recent interview.
After the change of hearts and the deal with BitPay, according to him, Fancy’s customers purchasing powers are limited only by the size of their wallet.
In addition, thanks to BitPay’s Guaranteed Instant Conversion Rate Fancy’s merchants can instantly receive their payments in US dollars instead of cryptocurrency.
To learn more about Fancy.com and it’s offers, visit the About page on their website.
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