Elevate Brands, a market leader in the acquisition and management of Amazon FBA businesses, announced today its “Cash or Coin” acquisition program as well as its integration to Coinbase Prime.
Through this integration, payments for acquisitions made to sellers on Amazon Marketplace are paid in bitcoin and other cryptocurrencies.
Amazon Marketplace owners who sell their businesses with Elevate Brands will now have the option of getting paid in cryptocurrency.
Elevate Brands, which manages a portfolio of Amazon-focused companies for consumer products, has teamed up with Coinbase Prime to offer crypto payment options. Elevate is the very first Amazon aggregator to provide this as part of the merchant exit transactions.
Ryan Gnesin, CEO of Elevate Brands, said in a press release;
“This move puts us at the forefront of a new digital age. We’ve learned that FBA sellers are already well entrenched in crypto, so we are thrilled to be the first company in the Amazon ecosystem to offer the option of Cash or Coin,”
In addition to their M&A pipeline Elevate has extended the “Cash or Coin” offer to their referral program. Anyone who recommends an Amazon business to Elevate, which they purchase, can now claim as much as $500,000 cash or the form of crypto equivalent. First referral fees payment in cryptocurrency has been recently paid by BTC to Empowery ECommerce Cooperative.
Empowery’s founder, Steve Simonson, describes it “as a non-profit member-owned co-op committed towards its eCommerce seller community, The Cash or Coin program came at the perfect moment.
We believe it’s an excellent opportunity to inspire our members to learn about how cryptocurrency is revolutionizing the world. We wanted a partner that the cooperative can trust, and we’re pleased with our decision to hold crypto in a premier Coinbase Prime account.”
Elevate has raised more than $370 million from institutional investors and has more than 30 private brand labels. The firm says they are among the top 100 sellers on the Amazon marketplace.
The startup has just opened its second office in Austin, Texas. It is located in the thriving tech centre in Austin, Texas, growing its global team of operators and marketers by over 500% by 2021.
In a small business empowerment report released in October 2021, Amazon’s U.S. selling partners sold more than 3.8 billion items with an average of more than $200 million in sales, increasing year on year from around $170,000.